The main purpose of business name registration is basically to register your company name for use in the state as well as for a trade or commercial operation. Such registration helps entrepreneurs be aware of existing restrictions as well as legal rights that they are entitled to. Also, it is important to do such registration as soon as you establish your business so that you can avoid legal difficulties in the future. Business name registration should be done by the registered agent of the company, who is also the company secretary. When you start your business, you should make sure that you get a legal name for it so that you can carry on with the legal activities associated with it. This requires you to go through several processes, which include business name registration, making an LLC (limited liability company), or a corporation. Depending on your requirements and objectives, you can select one of these options. While choosing an LLC or a Corporation, there are certain things that you need to consider so that you get the right decision. Follow https://www.opstart.ca/nuans-report-need/ and learn more about business names. Limited liability companies are best for those who wish to protect their assets and the funds of the firm. When you register a business name with an LLC, it gives you the advantage of having a legal entity separate from the rest of the business. Also, it saves on taxes, estate taxes, and income taxes. Limited liability companies are run through an attorney and accountants and have the same cost as a sole proprietorship. However, when registering a corporation, you are able to enjoy several other advantages including protection from personal bankruptcy, unlimited liability protection, unlimited tax benefits, and asset protection. You can also create a sole proprietorship by registering a business name with such entities as the Office of the Secretary of State. A sole proprietorship is different from a corporation because it has no real property or assets. When you register a business name with a sole proprietorship, you can transfer all your assets to the business name itself, which makes you virtually debt-free. However, when you register a corporation, the business name is yours and cannot be transferred to anyone else. This makes it easier for you to protect your assets. See more info about registering names here. Another option when you register a business name with an LLC is to select a fictitious name. For instance, you can register the words "dog training" with a fictitious name that closely resembles the actual name. While you may not have any business goals with selecting fictitious names, they are perfect for situations when you wish to hide the identity of your business. In addition, a fictitious name has little to no cost, and the name will remain legally valid for up to five years. You can also run your business under a fictional name until you achieve the legal business name registration that you desire. Regardless of which type of business name registration you choose, remember that you can register your business name with your state as either a sole proprietorship to a corporation, or an LLC. However, your state may require another form of filing, such as an application for a business license. For example, in some states, you will need to file an application for a business license before you can use your new business name. If your state requires you to file an application for a business license, you should check with your city and county clerk to find out what the process will be before you begin your business name registration. Click here for more info about a business: https://en.wikipedia.org/wiki/Business.
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