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Is 1 company with different DBAs the best way to go or should i do multiple corps? ***We need to remember that DBA doesn't create a different legal entity...
You may view it as a department of the same S-corporation.
If may be convenient for management or marketing purposes but would not make any difference for tax reportingI’ve read multiple corps give asset protection which is a factor for me - but - a bigger factor at least for now and maybe 1 or 2 more years is simplicity.Multiple S-corporations will add overhead - that is for sure - because each will need separate tax return and payroll. It will not affect your personal liability protection - but will will add protection between types of operation.
So if that is a factor - then yes - that might have some additional value.IF i had multiple corps this would mean multiple bank accounts, ecommerce marketplace accounts (like multiple amazon accounts, etc), multiple sales tax filings, etc.Yes - correct - different corporations should NOT mix their finances.
If finances and assets are commingled - that might result in loosing protection
IF i have 1 S-corp with multiple DBAs - I currently have a time determining what sales belong to which DBA - I solved this with 2 QB accounts (which goes against simplicity) but I still don’t like this setup.That is accounting issue... Unfortunately there is no way around - you either have separate bank account OR one bank account and different sub-accounts in your books.Is my set up the problem with the DBA, is the DBA just wrong, etc.
There is nothing wrong... That is a matter of convenience...
DBA stands for “Doing Business As” - that is a fictitious name (or assumed name, trade name or DBA name) that is different from the officially registered name of your corporation.
Generally - you would need DBA for external purposes, but for your accounting purposes or tax purposes having DBA's makes no difference.
Please elaborate if needed.