| There are a number of things to consider when | | | | There is no legal separation between the individual and |
| starting a business. An important thing to do is to | | | | the business. A person benefits from 100 percent of |
| choose the appropriate legal structure and register the | | | | the profits and is personally responsible 100 percent of |
| business name. Choosing a business name is a very | | | | all debts and liabilities of the business. |
| important step in the process. In selecting a name for | | | | A Co-Partnership or general partnership registration |
| your business you should use caution so that you are | | | | exists when two or more persons join together in the |
| not infringing on names filed by other businesses or | | | | operation and management of a business for profit. |
| being used by another entity as a trademark, service | | | | Under this arrangement each partner is liable for all |
| mark or trade name. Protection of a business name is | | | | debts of the business. All profits are taxed as income |
| established by registering the name in each county in | | | | to the partners based on their percentage of |
| which the business is being conducted. | | | | ownership. |
| There are two types of registrations at the county | | | | With both of this registration there is a minimal filing fee |
| level: | | | | of $10.00. The application is one page and very simple |
| An Assumed Name consists of one or more parties. It | | | | to complete. The county clerk's office will return the |
| is more binding since all parties listed must sign the | | | | form with a seal stamp indicating that the name has |
| documents in front of a notary public and no changes | | | | been accepted and registered in the county. |
| can be made without the signatures of all parties | | | | Each business name is valid for 5 years, subject to |
| involved. | | | | renewal. The county clerk is prohibited by law from |
| A Co-Partnership consists of two or more parties, but | | | | accepting a name for filing that is the same as or |
| may be dissolved or changed by the signature of any | | | | similar to another name already on file. (Keep in mind |
| party. | | | | that spelling variations may exist.) |
| An Assumed Name is also referred to as DBA ("doing | | | | Before registering your Assumed Name or |
| business as"). Generally this type of registration is | | | | Co-Partnership on the county level, it is a good idea to |
| known as a sole proprietorship which simply means | | | | check to see if this information can be searched on |
| that an individual owns and operates the business. | | | | the county's website if there is one. |