If You Fail to File
November 16th, 2009 | 
Author: Registering a business name is very important for your own protection as well as for compliance with the law. Registration of that name gives you exclusive rights to it. It also keeps others from filing the same or a similar name and capitalizing on the hard work and investments you have made in your business.
Unfortunately, there are individuals who lurk in the shadows waiting for just such an opportunity. About eight years ago, we had a business owner in one of our classes who had built a very successful electronics firm. However, he failed to file a DBA. Someone else discovered his error, filed under his business name and offered the option of either paying to buy the name back or ceasing to do business under that name. The business owner refused to pay the blackmail and chose to re-establish under a new name. However the continuity of his business was set back and he lost a large amount of business trying to re-establish under the new name.
The time and money required to file a DBA is very small compared to the benefits you will derive from becoming the legal owner of your business name.
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