bncsimps":3rgjy9fx said:
Jeanne - Simme Valley":3rgjy9fx said:
I'm sorry, but I don't follow your question. We did not apply for our farm name.
If you want to operate as a corporation, or LLC, etc. you have to file papers thru an attorney.
I don't want to operate as corp nor LLC...big difference from just applying for assumed name. I simply want to be able to use my farm name when conducting business. My main concern is keeping things in line with IRS requirements.
The poster before me hit the nail on the head. If you want to be a DBA, and have separate accounts, the only thing you need to do is goto the bank and open a bank account as a dba account.
For federal income tax purposes, a DBA is treated like nothing at all. In other words, the DBA is not a different entity than you personally. You will file the dba on your current tax return. Any income or expenses will be added to/reduced from your current income.
A DBA is treated the same as a sole proprietorship, or a partnership, but not a LLP.
Its somewhat confusing at first, but a DBA is the way to go if you just want a separate bank account, but not to have to file separate tax returns. I chose a dba for my farm/ranch over any other entity because I did not want to mess with the IRS and all the additional paperwork.