The Limited Liability, or LLC, has the tax structure of a partnership, yet protects each partner's personal interests. You will need a partnership agreement spelling out both partner's responsibility, since each partner is responsible for the other. They are easy to form, and you don't have to file any documents to make the partnership legal. If you are planning on working with another event planner, you are basically forming a partnership. This can wipe out your personal and business assets if the loss is serious enough. The downside is, you are liable for any losses, legal actions, etc. Many event planners conduct business as sole proprietors because it's the easiest way to operate: less paperwork, does not require a business account, and you can use your own social security number. Most small business advisors recommend you get an EIN only when: Just to clarify whether you need a Tax ID Number (EIN) for DBAs): If you are a sole proprietor, your Social Security Number may be used on all government forms and other official documents. DBAs must be filed in the state or county in which you will be conducting business. They are usually filed at the state level and sometimes at the county level. A DBA is necessary if you want to open a bank checking account under your business name, or other than a Sole Proprietorship, which is under your own name.Īll states differ in their regulations regarding DBA Filing. DBAs are also called Fictitious Names, Fictitious Business Names, Trade Names, and Assumed Names.
PARTY PLANNER REGISTRATION
A DBA is an official and public registration of a business name.
Most states require you to file a Doing Business As (DBA) if you are doing business under a name different than your legal name. A more generic name, such as Guys and Gals Parties, Remembrance Parties, AAA Party Planners works best when naming your business.Ĭongratulations! Now that you have named your party-planning business, it's time to protect your business name and yourself. Las Vegas Events and Parties could prevent you from obtaining party business in areas outside of Las Vegas. Think twice about attaching your business name to where you live. Names with words like Elegant Affair are overused and Fabulous Time leans more toward a theme type party suggesting entertainment.
Another reason you should put a lot of thought into your business name: Party planner business names don't work the same as law firm names. If you are Amy, and the new buyer is Kate, and if the name is changed to Kate's Birthday Parties, the new name would lack recognition. Let's say your business is a huge success, however, you want to sell your business. If you select a name such as Amy's Birthday Parties, and decide to branch out into wedding receptions or the like, the name would be encumbering. One other thing - try to keep your business name unrestrictive. Before you tag your business with a permanent name, do more than check the yellow pages see a specialty attorney to learn your "copyrights." If someone happens to notice you have named your business with the same name as theirs, you'll likely wind up in court and chances are you'll lose, if you don't change it. There is much to ponder when it comes to legal issues in certain small businesses for instance, naming your business.
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