An assumed business name, is a formal declaration that an individual, company or organization is conducting business under a different name. Assumed names are also commonly referred to as a DBA’s, fictitious business names, doing business as and trade names.
Business Owner(s) should not conduct business under a fictitious business name until they have filed a DBA statement. Also, most banks won’t allow them to open an account until they have seen proof that the DBA has been filed.
The benefits for business owner(s) of registering a DBA include…
- Open bank accounts under that business name.
- Mention name in contracts.
- Discourage competitors from using your business name.
DBA names can be filed in any state except Kansas, New Mexico and South Carolina. DBA names may be referred to by different terms, including assumed names, trade names and fictitious business names depending on the state. To learn more about state specific DBA information, click here.