Carmen - If you have read all this great advice and decide that you still want to start out small and work your way into a bigger business entity, you can still apply for a business name that is just your name or something simple, like Carmen's Admin Services. You definitely should get an EIN, regardless, for the reasons listed above (don't give out your SSN.)

However, there is nothing that says you have to USE your business name. It doesn't have to be on your business cards or your web site. You don't have to answer your phone with your business name. There are some things that may not be as easy - like setting up a Facebook Page, but you can make it work, as long as you have clients and you make your name well-known.

My dad has run a very successful business for years this way. Everyone knows his name, but no one knows his business name. The bottom line is, do what works for you. If it isn't working, then change.

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Jennifer Simons - Girl Monday
www.girlmondaysf.com

I have not had any income yet from my business; but I have done some work with a client as an employee. When I "created" my business I applied for the EIN but have since then changed the name of my business. My question is do I use that number when the need arises or do I get a new one? That article is great information and it will certainly be a helpful guide.

diana

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Diana Buchanan
When You Don't Have the Time

First I want to say - isn't it great that a thread that was started almost 2 years ago is still helping people today? Shows that good information is timeless.

Diana - You do not need to get a new EIN#. If you want to keep things tidy, for bank accounts, your licensing, etc. all you need to do is change the name that is associated with that EIN and that can be done by simply filing a form with the IRS asking for the change. I don't recall what form # it is, but you can call them and ask.

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Pam Blackman - On My Wings International
Integrated Virtual Business Management Solutions | Mentoring | Coaching

Within the past 2 weeks, I got my EIN and the IRS website states that a business name attached to an EIN cannot be changed. It states that a new EIN must be applied for with the new name.

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Collaborative Business Support

Just getting back on track to setting up my virtual business and this was very helpful and insightful information on why one should set up a business entity!!

But I do have another question. It is my hope to have essentially two separate areas of business. One will be my virtual business where I will offer virtual administrative assistance as well as marketing, etc. The other is a professional speaking direction. I am assuming I would need to set up two separate entities with regard to this since they do not offer the same services. Correct? I will be doing speaking on the virtual topic, but also doing speaking on time management, dealing with difficult people, etc. as the speaking side of the business.

Your thoughts and suggestions are greatly appreciated.

Thanks! Have an awesome day!

This tread is great. It answers all of my questions about setting up a VA business. I was not sure if I needed the EIN. Thanks to all for sharing!

Hey Peppy - When I did this before, which was about 2 years ago, I believe I remember seeing that on their site as well, but my bank insisted they did it, so I ended up calling them. It was changed. I just had the paperwork out last night, where I had the documentation they sent me. Reason I have the paperwork out is because I'm doing it again.

I was mistaken about one thing...and I misspoke. I did not fill out a form. I simply sent them a letter to Internal Revenue Service - Attention : Entity Unit - Ogden, UT 84201. (I'm in Colorado, so that's where my tax stuff goes to. Depending on where you are it may be a different address). But I simply stated - which is what they told me to write..."Please provide certification and/or a confirming letter regarding the name change to my business." I indicated the former name and the new name and I attached the documents for the Secretary of State showing the change.

You might try calling them and telling them what someone you know did...and see what they say. They might get this letter I'm about to send out and send it back with a laugh attack.

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Pam Blackman - On My Wings International
Integrated Virtual Business Management Solutions | Mentoring | Coaching

Hey Reynetta -

I know there are probably a lot of discussions throughout the forums about your question, because this question is common, but just to try to highlight a little...keeping in mind I'm not qualified to give legal or accounting advice...but -

Depending on where you live will determine some of this. There is a legal aspect you want to consider (risk, liability, whether you are a partnership, whether you will have stockholders or other members, and so forth). Then there is the accounting side to consider. Where will the money flow through. Do you want to keep the money you make from one venture separate from the another, for perhaps tracking reasons? Do you want to keep the risk for one venture separate so that should someone sue you on one side you don't lose the money from all your other ventures. There is a lot to consider and you really should be consulting with an attorney (or at least to start with really researching legal websites)...and you should consult with an accountant (or again while small really research that too.

I can tell you what I've done, if it will help. I have a corporate umbrella which is On My Wings International, LLC. For now this will be my only LLC. However, my VA business process biz (P.L. Blackman & Co. is a tradename (in other words a dba). All of my marketing has P.L. Blackman & Co., my invoices, banking, and so forth (anything that the is in the public eye) shows P.L. Blackman & Co. - However, all my legal stuff says On My Wings International d/b/a P.L. Blackman & Co - for contracts, licensing, etc. I also have 2 other trade names, for future businesses. One is Savvy Dove, which will eventually be an Internet Marketing Firm, and Every Stage which will become another type of coaching business.

I don't know if this is helpful, but hopefully it gives you some insight.

Originally Posted by Reynetta

Just getting back on track to setting up my virtual business and this was very helpful and insightful information on why one should set up a business entity!! But I do have another question. It is my hope to have essentially two separate areas of business. One will be my virtual business where I will offer virtual administrative assistance as well as marketing, etc. The other is a professional speaking direction. I am assuming I would need to set up two separate entities with regard to this since they do not offer the same services. Correct? I will be doing speaking on the virtual topic, but also doing speaking on time management, dealing with difficult people, etc. as the speaking side of the business. Your thoughts and suggestions are greatly appreciated. Thanks! Have an awesome day!

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Pam Blackman - On My Wings International
Integrated Virtual Business Management Solutions | Mentoring | Coaching

Hi Julie,

Did not think of that. I currently use my SS# and did not feel so confortable by doing so. I think I will apply for one, I'll better off. Thanks.

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Karla Amaya, Your Practical Admin
http://www.yourpracticaladmin.com

Here is another idea, if you don't wish to incorporate. Be an independent contractor under an established Virtual Assistant businesses, if they are willing to pay you by 1099.

I have independent contractors under my umbrella and I just keep a portion of what is paid to my company for the services rendered. The independent contractor would have to fill out and sign a W9 with their own name and SSN (not a corporate name and EIN). Come tax time, the independent contractor would get a 1099 from the company. Of course, the company would be the one to obtain the job requests from the businesses.