Hey Moms,
Could anyone out there give me advise on if opening a DBA account is right for me. I'm a personal trainer with a few different places that I am training at, all considered to be 'independent contractor' Anyhow, things are growing for me and I feel it may be time to handle my finances more professionally. Let me know if you or someone you know could advise!
thanks
Hi A.,
I think you could go either way. You could do a DBA account, but I think there are often fees associated with them. You could also just get a separate checking acct.
Also, when people write a check to you, is it your name or a business name? If its just your name, you can get away with just a separate checking acct, if its a business name, then I think that you need to get a DBA acct.
B.
If I were you, I'd set up a limited liability company. It only costs about $1500 to do and other than a one page annual report to the state and about a $500 annual fee to them, it's no more paperwork than going dba. That way, if one of your clients got hurt and sued you, your personal assets(home, car, savings, etc) would be safe.
My Hubby is financial advisor, who works with Mid income group. Let me know if you need help and your contact details.
I have a similarly small business as an independent bookkeeper. I set up a DBA account at my bank (Chase). I didn't go in prepared with anything apart from the business name I wanted to use, and they were very helpful -- filled out all the appropriate paperwork, answered all my questions, helped me make various decisions on the spot, and opened free small business checking and high-yield savings accounts. There were no fees, the whole process took a half-hour, and I've been very satisfied with the setup. Let me know if you want more info or if you need someone to help set up some simple bookkeeping -- it helps to be prepared when tax time rolls around!
A.,
A dba account is not that hard to get started. You do have to get a certificate for an assumed name. Wich is easy. I do believe you can search them online and get it that way. After you do get that take your initial deposit, a drivers license, and that certificate to a bank. Be prepared with a second id though. A lot of banks offer some good products for small businesses. You can find accounts that require no minimum balance, provide a business debit card, and give you free online banking. There are many products banks can offer you to help get your business on track. I work for a financial institution and I can tell you that some banks pride themselves on helping the small business customer. The good thing too about a dba is you can collect checks in your name as well as the business for deposit.
I hope this helps just a little
