Dba name

[Abctx]

I tried to registered for DBA name for my business with DOI in Tx but was rejected. I had it as (ABC services) and they suggested to add an insurance word in between the name. My question is can I have it as ABC financial services instead of insurance services. Besides doing insurance, I will be also doing taxes too. I called them and asked but they wouldn’t give me the answer. They only told me to send it in again and they will let me know in writing. The process takes so much time, so I’m hoping that someone in here have been through this route and helping me with an answer. Will the financial services ok if I operated without the series 63. I only have L & H and P& C license. Any feedback is greatly appreciated!

 

[DHK]

Looks like someone is embarrassed to be in insurance!

I'm in California, so I have California links. Knowing how much California is regulated may help you to choose a proper DBA.

Name Approval Criteria:
Business Entity Application Procedures - Name Approval Criteria

Required Definitive Words:
Required Definitive Words

A proposed name may be misleading if the name fails to state or clearly indicate that the applicant or licensed producer is or will be an insurance producer by any of the following:

1. Failing to include in its name the word "insurance" followed by one of the following definitive words:
(a) "agency", "services", "marketing", "sales", "solutions", "center";
(b) "broker", "brokers", or "brokerage", as long as the applicant or licensed producer holds broker-authority and has a broker's bond on file with the Commissioner; or
(c) "associates", as long as the applicant or licensed producer is applying for a business entity license. (The business entity must have two or more individuals involved in the business entity, such as licensed producers, officers, and/or stockholders.)

Exceptions to Name Approval:
Exception to Name Approval

(A) An exception to this rule may be made on a case by case basis where the applicant or licensee holds a certificate as a broker/dealer under California Corporations Code Section 25210 and/or where the applicant holds a certificate as an investment adviser under the provisions of California Corporations Code Section 25230 and the applicant has submitted evidence satisfactory to the Commissioner that in excess of 80 percent of the applicant's net income from the said business entity for which name approval is being sought is derived from sources of business other than insurance. The foregoing exception is not available to an agent of a broker-dealer, as the word "agent" is defined in California Corporations Code Section 25003.

You can't say that as your licensing is only insurance licensing.

 

[marindependent]

Yep in California they are super picky about the name of your firm. Some agencies, in my opinion, just end up not getting the name approved and suffer for it later.

 

[adjusterjack]

My question is can I have it as ABC financial services instead of insurance services.

I checked the Texas Insurance Code but didn't find anything that specifically addresses the question.

I did, however, find this list of Texas insurance agencies.

Texas Insurance Agents, List of Texas Insurance Agencies

Using a "find" feature I note that many agencies include "insurance and financial services" in the name but some also use just the word "financial" without the word "insurance."

Looks like you can go either way but let me give you a consumer's point of view. If I'm searching for an insurance agency the results will be agencies with the word "insurance" in the name and anything with just "financial" won't even be on the list.

I think you will cost yourself a lot of business with just "financial services" because it's too general. Consumers don't look for "financial services" they look for specific services by name, i.e. insurance or loans or stock brokers or accountants, etc and they typically pick from the top of the list.

You do what you want but I think you will be better served in the long run by keeping "insurance" in the name of your business, with or without "financial services."

 

[Allen Trent]

Based on those licenses, you likely cannot use "Financial Services" as those tend to be very specific & well defined as "professional services involving the investment, lending, and management of money and assets"

considering you don't offer a single one of those items, it could be an issue & best to avoid

 

[Abctx]

Looks like someone is embarrassed to be
You can't say that as your licensing is only insurance licensing.

No, I’m not embarrassed as an insurance agent at all. I’m just confused on how I process all of this correctly. I’m in process of finding an office and will have a sign which will have my DBA name. I want client knows that not only I do insurance but also taxes. So by using “financial services “ I think it’s more appropriate with what my office do but not sure if appropriate and compliant with DOI. I’m really appreciate your feedback and informations

 

[Abctx]

Based on those licenses, you likely cannot use "Financial Services" as those tend to be very specific & well defined as "professional services involving the investment, lending, and management of money and assets"

considering you don't offer a single one of those items, it could be an issue & best to avoid

I checked the Texas Insurance Code but didn't find anything that specifically addresses the question.

I did, however, find this list of Texas insurance agencies.

Texas Insurance Agents, List of Texas Insurance Agencies

Using a "find" feature I note that many agencies include "insurance and financial services" in the name but some also use just the word "financial" without the word "insurance."

Looks like you can go either way but let me give you a consumer's point of view. If I'm searching for an insurance agency the results will be agencies with the word "insurance" in the name and anything with just "financial" won't even be on the list.

I think you will cost yourself a lot of business with just "financial services" because it's too general. Consumers don't look for "financial services" they look for specific services by name, i.e. insurance or loans or stock brokers or accountants, etc and they typically pick from the top of the list.

You do what you want but I think you will be better served in the long run by keeping "insurance" in the name of your business, with or without "financial services."

Thank you so much for the informations and suggestions. I think I’ll go with the insurance services too

 

[DHK]

Since you're being specific about taxes, why not do "(Your Name) Tax and Insurance Services"?

 

[Abctx]

Since you're being specific about taxes, why not do "(Your Name) Tax and Insurance Services"?

I’ve thought of it but not sure if the DOI will let me do that

 

[DHK]

Look it up in your state. Plenty of listings in California.

Ha! There's actually a Tax & Insurance Services, Inc right here in my city.