I was wondering, from a broker's viewpoint, what is the cost, the risk, and the hassle of registering a DBA? My broker, Home Quest Mortgage, just shut their doors and I am not looking to brand a new company. I've lost over $1,000.00 dollars in marketing material that had my old broker's name/logo. I am starting with a new company on Tuesday that makes a habit of registering DBA's, I guess what you would call a "rent a broker", and I want to brand myself and my company. How would I go about doing this? I have already found a name that I like that is not registered in my county, but the company I am going to work for is in another county, is that an issue? Any information is greatly appreciated.

you may need to register your chosen DBA in both counties;

if Home Quest Mortgage had a good reputation before it closed, see if you can buy the rights to the name from the owner

They filed the DBA under the broker's step dad's license. Beside the company is in huge debt.

I figured out how to register the name, but is there additional cost, risk, or hassle for the broker? Just curious.

I don't know about your state. It only cost me $50.00 to register an LLC through the state SOS. Then it costs $75.00 to get it approved my our real estate commission. Hope that helps

Thanks, is there a benefit to an LLC over a DBA?

Definately the LLC or an S-Corp instead a sole prop DBA.

I've heard that if you set up a corp and don't run it like a corp, holding annual meetings, taking minutes, etc that you still risk being sued as an individual and the courts will uphold this. I don't know for sure if this is true but I'd check with your lawyer to make sure you follow the corp rules to maintain your asset protection.

Why would you go to all the trouble to setup your corp and then not follow the simple rules.

That annual meeting can be anywhere in the world and makes a great vacation idea that is totally deductible.

There are different layers of assett protection,nothing is absolute.

If you didn't do the minutes,meetings then you were negligent and PIERCED the protection from the corporate veil.

As with anything there are rules and regs to be followed.If you follow them it does add extra protection.

I have a lawyer that will take care of all that stuff for me. I don't want a corp right now anyway. I will set up a sole proprietorship and a fictitious business name.

The good news is though, I met with the sales manager and he said that would be fine. I am really excited that I never have to worry about changing my marketing stuff again!

Adam,
From a liability standpoint you would be better served by either an LLC or an S-Corp abd I bet your attorney would agree with my opinion.

Absolutely, but I am going to be part time. I am planning to go back to school. I don't think I really make enough to warrant an s-corp or an llc.

What are you going to study in school? Do you plan to continue LO when you get done? I think you can set up an s-corp for next to nothing. I would seriously look into it. JMO.

Well if you want to be a sole proprietor and have ALL your personal as well as business assetts at risk then go ahead.

In my state it cost only 100.00 dollars to file an llc,this is of course if you do it yourself online or by mail.There are different types of llc's with some involving more paperwork than others.Since you are not going to have employees then you probably just need to fill out the basic articles of incorporation and transmittal information.

no legal advice