When doing business using a trade name rather than the legal company name, we require your Doing Business As or DBA name. For example, your company’s legal name is “Acme Management and Advisory Inc.” and your business name on the website is “Acme Consultants”. Or, if you’re selling online and your company name is “Fashion Retail Inc.” and your store name is “Fashionista”. In this case, Acme Consultants or Fashionista, as the case may be, is determined to be your DBA.
Note that in most jurisdictions, you do not have to be incorporated or have an LLC to have a trade name or DBA name. While it is always advisable to have a corporation or LLC for your business, an individual or freelancer can also register a business name as a solo entrepreneur or solopreneur (also known as sole proprietor). The business name registration also enables you to get a Tax ID for the business with the federal tax authorities, and indirectly helps you in obtaining a bank account in the name of the business. This also helps the bank account look more professional as opposed to having the bank account in the name of the owner if you’re a solopreneur or freelancer.
If you created a new trade name or Doing Business As (DBA) name or before you open your Truly Financial account, you must declare this while opening your account. If you applied for or received a trade name after opening your account, we require you to contact us to update your company details. Updating your company details and DBA enables you to accept transfers or payments under that trade name. If you need help to register your DBA, you can use third-party services like Legalzoom or Wyoming Attorney in the United States or Legalshield and Goodlawyer in Canada.
To update your DBA, send us the scanned copy of your business name registration document or business name certificate issued by the relevant federal or state / provincial authority to [email protected] from your registered email id only. We can only accept scanned copies of the certificate and cannot use screenshots from any website as proof of DBA.
Once the scanned document is received, our team will respond with the status of the name update.