Business license required?

Question

I am looking to start wholesaling and want to operate under a company name. Am I required to have a business license of some sort or can I just register a DBA? If this was already answered, please include a link. I am in Virginia if it makes a difference.

Aaron Phillips · Answer

I am new to the Wholesaling business. Can't wait to get started up. For now I am doing it solo. However, I am also a part-owner of a Cleaning Service over here is West Virginia. I'm not quite sure if it is the same in Virginia, or if it is the same with the Real Estate business but when my clients writes me checks under my business name (Which is an LLC) the only way I can cash it is under the business bank account. It might not be the same at all banks, but I know personally mine made me provide tax documents, the EIN #, business certificate, etc.. in order to open the business account. Therefore if you want to operate under a business name, I suggest opening a business account, and getting licensed. Sorry to use an example that isn't Real Estate, but it's the closest correlation I could come up with that I've personally experienced. Also I'd like to mention that a independent investor that I've been talking to personally here who is trying to help me get started in this business told me that in the state of West Virginia it is not required to be licensed to do wholesaling, and you don't need to operate under a business name (i.e. LLC), with that being said if you are wanting to operate under an LLC then I suggest getting licensed first, and opening up a business account so at the end of the day you have the ability to get paid! Best of luck to you!

Morenike Arraheem · Answer

Thanks so much, that helps a lot! I will just use my name for now and possibly get an LLC later. Best of luck to you!

Morenike Arraheem · Answer

Right, am I required to get an LLC?

Allie Pfannenstiel · Answer

LLC?