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FAQs
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How can you cash checks made out to your fictitious business name (FBN)?
A2ABased on the linked question, I assume that the fictitious business name pertains to an individual, rather than a legal entity.And while the question literally asks how to “cash” checks (which means how to exchange checks for cash), I will assume that actual question (which is easier to accomplish and more appropriate for a business) is how to deposit checks made out to one’s FBN into one’s bank account.To start, one should establish a separate bank account for the business, irrespective of use of an FBN. The FBN would be part of the account name, thus depositing checks made out to the FBN would be trivial.But let’s assume that there is no separate business account, thus the OP needs to deposit the check to his or her personal account.Before providing a direct answer, I will offer the following insight: 99+% of the time, banks don’t look at the payee’s endorsement, much less validate it in any way. This means you may endorse the check any way you wish. Heck, I once (accidentally) successfully deposited a check without endorsing it at all!So, if I were depositing to my personal account a check made out to my FBN, here is how I would endorse it:I would sign my name (my signature, at this stage of my life, consisting of little more than a few ellipse-like curves).Below the signature, I would print something along the line of “Dana H. Shultz, dba Fictitious Business Name”.
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How to decide my bank name city and state if filling out a form, if the bank is a national bank?
Somewhere on that form should be a blank for routing number and account number. Those are available from your check and/or your bank statements. If you can't find them, call the bank and ask or go by their office for help with the form. As long as those numbers are entered correctly, any error you make in spelling, location or naming should not influence the eventual deposit into your proper account.
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How easy it is to go from a sole proprietor (with a fictitious business name) to a C-Corp? A payment system requires that I choose my form my business, but I would like to test out the system before incorporating, so would a sole proprietorship make more sense?
Yes. A sole proprietor doing business as a fictional name is the simplest type of business entity to form and dissolve. If the payment system accepts sole proprietors then you should pursue that avenue. Setting up a C corp, S corp, or LLC from a sole proprietorship is easy because there is nothing to do beyond forming the corporate entity. It is more complicated to switch from an S to a C corp, but going from a sole proprietorship to a C corp is very easy and your only costs are what it takes to incorporate legally (typically <$2K).
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How do people with just one name get around this fact when filling out forms and stuff? Also hypothetically could I change my name to just one name if I wanted or something crazy like Disco Stu or something?
In the US you may absolutely change your name to pretty much anything you want to including single names such as Prince or Madonna. I don’t know what fact you’re referring to that people need to get around when filling out forms, but if a for requires both first and last name to be filled in then someone could be creative and fill in anything they choose, but whatever they fill in will go into the system as part of their name. I see that someone else indicated a common solution is to use the same name twice. That makes me think of the character Jimmy James (actually James James, but goes by Jimmy) from News Radio. Thanks for asking.
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