Quick Answer: Does Your LLC Name Matter?

Can an LLC do business as another name?

A limited liability company can register a DBA, or “doing business as” name and still do business using the official LLC name.

A DBA operates much like a personal nickname—you may use your nickname for some purposes and your full legal name for others..

Does an LLC pay less taxes?

The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS. As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return.

Can two companies have the same name?

Because business names are registered on a state-by-state basis, the fact that a company in another state has the same name as yours is usually not a cause for concern. However, you are right in that there could be intellectual property issues (namely, trademark) when two companies have the same name.

Should I use my name for LLC?

You should always place the initials “LLC” after your business name—including placing it on your correspondence, contracts, forms, business cards, website, signs and marketing materials.

What is a good name for an LLC?

LLCs. An LLC’s legal name usually has to include words like Limited Liability Company, Limited Company; or abbreviations like L.L.C., LLC, L.C., LC, or Ltd.

Can I abbreviate my LLC name?

Your new LLC’s name must end with the words “Limited Liability Company,” “Limited Company” or the abbreviations “LLC,” “L.L.C.,” “LC,” or “LLC.” The word “Limited” may be abbreviated as “Ltd.,” and the word “Company” can be abbreviated as “Co.”

Can an LLC get a tax refund?

Can an LLC Get a Tax Refund? The IRS treats LLC like a sole proprietorship or a partnership, depending on the number if members in your LLC. This means the LLC does not pay taxes and does not have to file a return with the IRS.

Do LLC owners get a salary?

As the owner of a single-member LLC, you don’t get paid a salary or wages. Instead, you pay yourself by taking money out of the LLC’s profits as needed. That’s called an owner’s draw. You can simply write yourself a check or transfer the money from your LLC’s bank account to your personal bank account.

Can an LLC dba as another LLC?

Whether that LLC has any DBAs (Fictitious Names) is up to you. Meaning, you don’t have to file a DBA to run multiple businesses under one LLC, but you certainly can file a DBA (or multiple DBAs) if you’d like.

Can you repurpose an LLC?

According to the IRS website, you don’t need to file a change with them for an LLC, as it’s treated like a sole proprietorship. I’m with others here: reuse it. Just register a DBA and you’re good to go. Much less hassle and paperwork in the long-run.

What is the correct way to write an LLC?

Your LLC name must contain either the abbreviation LLC, L.L.C. or the words “Limited Liability Company.” You can put a comma after the name and before the foregoing LLC designations if you prefer, but most people choose not to use the comma.

What is the downside of an LLC?

LLCs are similar to corporations in that they offer limited liability protection to its owners. LLCs also have fewer corporate formalities and greater tax flexibility. However, one of the disadvantages is that profits may be subject to self-employment taxes. Compared to limited partnerships.