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I live in Portland Oregon. I am taking over a business and…

I live in Portland Oregon...
I live in Portland Oregon. I am taking over a business and need to determine which entity I need to be. Sole proprietorship, DBA or LLC.
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Answered in 5 minutes by:
3/13/2018
P. Simmons
P. Simmons, Attorney
Category: Business Law
Satisfied Customers: 37,496
Experience: 12+ yrs. of legal experience.
Verified

Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

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I am sorry for this dilemma. But not sure I understand your specific question. Are you asking the differences between these entities?

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Customer reply replied 4 months ago
If I am an LLC, do I need a DBA while I am doing business under another business.
Customer reply replied 4 months ago
In April I will be taking over a business. I will be doing business under the current name until January 2019. I just need to figure out which formation my organization needs. I will be the only employee.

Wait...are you the owner of an LLC currently? And you want to acquire and operate a separate business under the LLC?

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Customer reply replied 4 months ago
I am an employee of an LLC right now. I am buying the business but have to change the name.

So you are buying the company that you work for?

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Customer reply replied 4 months ago
I won’t be changing the name till January 2019. I will be doing business under the current name.
Customer reply replied 4 months ago
That is correct. I am buying the business I currently work for.

Are you purchasing the entire business? SO you are purchasing the LLC?

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Customer reply replied 4 months ago
Well the LLC is currently for a company name, I have to change the name per our agreement. So yes and no, purchasing the business not the LLC.
Customer reply replied 4 months ago
Purchasing the clientele and property

Ahh...thank you...that makes sense. Are you planning to create an LLC? Or is that your question.

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Customer reply replied 4 months ago
That is my question. Do I need first need a DBA to finish out 2018 under the current owner then go to LLC?

Got it...gimme a few mins...I have some thoughts and will type them up

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Customer reply replied 4 months ago
Thank you. Appreciate your assistance with this.
Customer reply replied 4 months ago
if I am buying Joe’s Boots, for the remainder of this year, do I need to Adam’s Boots DBA Joe’s Boots. Get my LLC for Adams Boots and my DBA for Adams Boot’s as well?

You should decide what type of "entity" you want to have control the business. A "DBA" and a "Sole Proprietorship" are, essentially the same thing, when compared to an LLC.

They require less work to create (it is easy to register a DBA/Sole Proprietorship, with the OR Secretary of State). But they do NOT offer any protection against lawsuits.

THe LLC, on the other hand, will provide protection for the owner (you) from legal claims.

Say someone sues the business...if you have a DBA or Sole Proprietorship, and you loose the suit, you can be held personally liable.

If you have an LLC? Only the business assets can be attached to satisfy a judgment

So if you are concerned about liability for your business...or, rather, are concerned about your personal liability? A LLC is the way to go.

IF you are not worried about liability? Then you would not need to pay the additional costs associated with an LLC

The DBA and Sole Proprietorship simply require you register with the secretary of the state. You would also have to register with your city/county if you are doing business in the city/county...they will want you to pay money for a business license.

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Just noticed your new questions...a few mins please...

P. Simmons
P. Simmons, Attorney
Category: Business Law
Satisfied Customers: 37,496
Experience: 12+ yrs. of legal experience.
Verified
P. Simmons and 87 other Business Law Specialists are ready to help you
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