Business Name

[happy]

With using a company name, I know you have to file a d.b.a. and then submit it to your state doi. Can I immediately use the company name since I already filed for the d.b.a or do i have to wait till I get approval from the Texas Department of Insurance. Do all states require that you submit your d.b.a. to them for approval?

Are there more requirements or different regulations for agents using a d.b.a. compared to those who don't use one?

 

[somarco]

Varies from state to state. Check with the Secretary of State (where DBA, corporations, etc.) are filed as well as the DOI and your local government. You may need to register with the locals & purchase a business license.

In GA if your commissions are paid to your agency (as mine are) you need a separate license from the DOI for the agency.

Not sure why you are using a DBA. There is not any protection from a liability standpoint. Branding is a big part of our business is you want referrals. I tried various business names and finally decided the best branding was my own name.

 

[happy]

thanks somarco.

My name wouldn't be a good brand name for my business since it's hard to pronouce, spell and remember.

 

[somarco]

Sometimes I have trouble remembering & pronouncing my name too.

Of course that usually comes after the 4th martini . . .

 

[Insurancefriendly]

Sometimes I have trouble remembering & pronouncing my name too.

Of course that usually comes after the 4th martini . . .

Hah! That's great, lol.

As far as business structures, a DBA is easily trampled on. For example:

If your DBA was "JJ's Insurance Agency" and you've had it for 10 years and I pay $75 to get "JJ's Insurance Agency, Inc" (Under Sub-S corporation; LLC is $700ish) then I can technically force you to change your name. $75 isn't a lot to pay to incorporate. I don't have a lot of answers, but that's what my Deparment of Insurance told me.

I'm currently looking to build my own agency from the ground up, so I feel your pain. I'll probably have some other questions soon enough, so maybe we can combine brain power. Good luck!

Jonny