Friday, November 30, 2012

Fictitious Names May Be Up for Renewal

Fictitious names, also known as DBAs (Doing Business As), are valid for 5 years and expire on December 31st of the fifth year. Make sure you do not forget to renew if yours is due this year.

Each Fictitious Name Registration must be renewed between July 1 and December 31 of the expiration year to maintain active status. The Division of Corporations will mail to the last reported mailing address, at least 3 months prior to its expiration date, a statement of renewal. This is one reason it is very important to keep your current address on file with the Division of Corporations.

Remember that a DBA is owned by the business entity not the individual, unless you are a sole proprietorship. Operating as a sole proprietorship is typically not the best choice due to tax issues, the fact that you cannot obtain worker’s compensation exemption, and the lack of liability protection. Always consult an attorney or accountant when making decisions like this about your business.

Let us know if you have any questions about renewal. We are always here to help. Our team is your team.

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