Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
Re: Business Credit 101

rebuilding wrote:
thank you so much for this excellent information. I am glad i stumbled upon this sticky! 
How would a DBA fit in the mix?  I am wanting to start a corp "xyz llc" and that corp will be part owner of several different businesses.  I will also have a couple of different businesses that I will do as a DBA.  should I establish all of this credit under the corp or could I use a dba??
Also, anybody have any experience or suggestions about incorporating in Nevada or Wyoming? lots of press about this... I am in Texas.

Rebuilding ... we're getting a bit OT here, but FWIW ...
You should consult an attorney.  An LLC is not a corporation.  It's a hybrid of a company and a partnership.  It has the protection of a corporation but the income flows to you as an individual (rather than through the corp).  It's a great structure for a small biz because your personal assets aren't at risk (the LLC doesn't own them), and you aren't subject to double taxation (corps. pay company income tax and employee tax).  It's very easy to set up a Delaware LLC. 
A DBA is not a separate entity; it's a business name owned by an LLC or corporation.  If you sign contracts, they would be in the name of "Rebuilding LLC, dba Rebuilding Pizza".
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.