Last night I set up an S-Corp and obtained a tax ID, with our goal being primarily flipping and short term investing.
But what about securing a company/business name to use? Was the name I entered in the S-Corp process secured in my name? Ive reviewed the process for LLC's and Doing Business As, neither of which apply with a S-Corp. We'd rather not do business in our own name, and are looking to get some business cards, free website and some other materials.
How should I go about making sure the name is secured or getting it in my possession?
Disclaimer: I am not a lawyer, but this is what I have understood from my research.
I researched this recently from the LLC standpoint and found it may be beneficial for my case the use a DBA especially when I have several LLCs.
In general as I understand Florida rules you are not required to use one for any of the formally registered business entities if you are using the business name filed. You can file for a "fictitious name" for $50 (and are required to do so if operating under any name other then your own when functioning as a sole proprietorship).
Generally you should ensure your name is available first (see link) and then if it is, file under the name you wish to use.
That being said.... I am going to use a reasonably priced attorney initially to validate my structure(s) and then incorporate the new entities as needed as time goes on.
If you don't like the paperwork and forms consider a service that files are your annual business information (usually $120-$150 per year).
I used both Mark Kohler's firm and RocketLawyer as a starting point for pricing and services (side note Brandon Turner did a nice write up on RocketLawyer in a blog post and there is even a discount for BP users).
Go do deals. You're wasting valuable time dreaming about what it's gonna be like. The name will come to you at the right moment, but it's only an excuse for deciding to decide.
Your corp can file a fictitious business name at any later date.
It's ok to be upset with me now. You'll understand later.
@Rick H. I like your approach
@Rick H. . Mad? No way I'm here for the knowledge.
How does a beginner get any sort of credibility or experience? Just going to do deals is easier said than done for a beginner with no experience or history at all. All of my inquiries on properties, getting a private investor, finding an investment minded agent have yielded nothing but a few giggles.
I figured if I had maybe a business card, a free website or a business name, something to show that I am serious about this business. As opposed to just showing up, unorganized with no real plan or strategy saying "hey help me out Im really great, I promise." I'd look like some bum that just rolled out of a fortune builder course waiting for everything to be handed to me.
No argument with your logic. However, what's in a name?
I named my company (The Suburban Group) 30 years ago (1984) after an obscure punk-rock group. It doesn't even hint as to the nature of the business, the product/service, or benefit the customer hopes to receive. And my business targets the most legally conservative (California probate attorneys and their clients) in the country.
So, pick an inanimate object or something around you. When I started my second to last hedge fund, I select Big Oak because of a tree on my ranch with special significance. Promise me you'll decide something by end of today and not look back (you can always change it later; business cards and filing fees are cheap).
My point is to not spend too much time on this and to march forward ASAP.
You had to register a name with the the Secretary of State, and it be approved by them, if the corp is actually set up. People react to you, your knowledge, attitude and approach....not your biz name.
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