Many freelancers, consultants and other professional service providers work as sole proprietorships. The sole proprietorship structure is also attractive to entrepreneurs from other industries (retail, landscaping, cleaning, etc.). It is common for entrepreneurs to start as sole proprietorships and then register their businesses as formal business units as they begin to grow or expand their business. As a sole proprietor, you pay tax on all income from your business. File income tax on your sole proprietorship by using Schedule C of your Form 1040 and adding the income or losses your business has incurred to the other income you recognize. The three most common types of businesses registered in Oregon are commercial enterprises, non-profit organizations, and professional corporations. Freelance photographers take photos and video recordings of virtually anything clients want to photograph. As with most types of businesses on this list, you need to specialize. A corporate photographer takes pictures of a company`s employees.

A wedding photographer photographs a wedding in a clever way; A maternity photographer takes maternity photos. These three require different skills, so choose the one that best suits your background. The specific meaning of company name registration is to transmit your company name to your state for inclusion in its register of business names. For example, if Lena Caswell wants to market her new business as “Immaculate Image Consulting Services,” she will need to file a DBA to obtain permission to use that name at the state or county office. Some states also require companies to publish a notice of their fictitious name in one or more approved newspapers or other publications in the county where it was filed. In some states and counties, DBAs need to be renewed regularly. A sole proprietorship is the simplest form of business where one person runs the business. The entrepreneur is personally responsible for the obligations of the company.

If you plan to do business under a fictitious name (“DBA”), most banks require proof of the submitted DTA before opening the account. As a sole proprietor, the legal name of your business is your personal name. However, if you want to work under a different name, such as “Global Business Consulting Services”, you want to register a fictitious name or “doing business as”, also known as DBA. Starting a business as a sole proprietor is one of the biggest decisions you`ll ever make. While the risk is great, the reward is also great – and the best part is that you can start it yourself without renting a building, hiring others, or needing expensive training. With the steps I`ve shared in this article, you`re building a solid foundation to ensure lasting success. In many cases, you need to separate professional and personal funds. A DBA is often required when opening a bank account or credit card for your business. Your state may also require post-enrollment follow-up. However, some states and counties require you to obtain business licenses and/or permits before you can work legally.

If you want your business to have a different name than your own legal name, you`ll need to apply for a DBA in most states. Even if your business is a sole proprietorship, you should have a separate business bank account to separate your business from your personal income and expenses. This will help you properly report your business income on your personal tax returns. Most banks allow you to open an account for your sole proprietorship with your Social Security number. Starting a successful business requires a lot of preparation. The Guide to Starting a Business in Oregon provides basic information about starting a business in Oregon. It offers a list of recommendations to help you start your business on the right foot. Child care operators run small, affordable daycares for parents who can`t afford expensive day schools or a dedicated nanny. Basic training would be helpful before starting a daycare.

Alternatively, you can find a dog daycare or a daycare for the elderly. Corporations, limited liability companies (LLCs), and partnerships can also register fictitious names, but they are generally exempt from the types of laws that require sole proprietorships to do so (see your local laws). This has some advantages. For example, an LLC that sells multiple product lines may choose to register the names used for each product line to protect its brand image. Once you`ve chosen the perfect name, it`s time to search for a domain. Increased personal responsibility, difficulty in raising capital, and perceived lack of professionalism are some of the pitfalls that sole proprietors face. If your company name is different from the name you use for advertising and public purposes (your business name), you will need to submit a statement about the “fictitious name”, sometimes referred to as “d/b/a” or “doing business as”. This declaration is filed in the district where your business operates. The process of filing a d/b/a or fictitious name declaration is one of the first things you need to do when using a business name that is different from the name you registered. The fees associated with not having the right licenses or permits can be debilitating for a start-up. Make sure you have received the correct federal licenses and permits, as well as state licenses and permits. These may include: A fictitious name/”Doing Business As” record is located in your area (usually a county) so people know who owns your business.

Sole proprietors do not need to be registered in the commercial register unless they use an adopted corporate name. If the company name does not contain the full name of the business owner, the company name must be registered as a presumed corporate name in the commercial register. The registration allows the public to identify who is doing business under that business name. If you work alone, you may not need an employee EIN and will be able to work and file taxes under your Social Security number. However, once you hire an employee or have a pension plan in place, you will need to apply for a federal Employer Identification Number (EIN). It is free and can be obtained online. Before you start using this name, you need to make sure that no one else is using it by searching for your company name. This means searching two government databases: a partnership is an association of two or more people doing business. All partners are personally responsible for the obligations of the company.

Here`s what can happen if you don`t register your company name.