Doing Business In My Name
I am not sure if buying and selling using my name is a good way to start. Should I consider getting a business license?
FYI: Once the $'s start coming in, I plan on forming an LLC.
Thank you,
Wes
You don't need a license to do business,t though youa re right about not buyign in your name.. You can put your houses in a trust or a buy in business name. Neither cost too much to set up.
alubeck,
Why shouldn't you "start" by buying in your own name? Granted, an LLC is probably the best way to go, as I do, but you need to start somewhere, right? You can always transfer to your LLC. You do not need a business license, I concur.
The best answer is if you put a business in your name you will be personally liable. LLC's seem to give options of opportunity....Rich dad's book on LLC I think by Diane Kennedy talks about LLC's. <IMG SRC="images/forum/smilies/icon_smile.gif"> [ Edited by exec1 on Date 09/11/2003 ]
Hello sumtersc,
Unless you have great sums of cash to purchase property without a mortgage, you can not purchase without using your name. Lender will not make a mortgage to a LLC, unless it is under a commerical loan process. Trust me you don't want to purchase residential properties using commerial loans. As a matter of fact, there are many mortgage companies that don't allow one to transfer the holdings into a LLC.
As always, depeding on your state statutes, you can usually put any name you want on a sign to advertise (unless you are incorporated or an LLC). You are just a sole proprietor dba a business name. Some states require these to be registered. Shouldn't affect the loan, it will still be in your name, because it is still you behind an extremely thin veil that offers no protection.
Go to your county clerks office and get a DBA (Doing Business As...). It will cost you $10 - $20 but you will then be able to advertise and put this on your business cards, etc. In most states you cannot work under a different name or business name unless it is registered. Then when you form your LLC just add LLC to the end of the name you registered that way the name recognition is still there (if it exists...).
iglooman