Quoth mjr
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DBA: Business has a name, but legally it and you are the same entity. It's basically a registration of the name, so that in your field and the area where you're doing business, the name is yours and nobody else can use it.
Incorporation: You and the company are separate legal entities (i.e. each has to file a tax return).
LLC: Increases the separation between owner and company, so that in the event of the company being unable to pay its bills, owner's liability is limited to what they have invested in it (i.e. creditor can go after equipment owned by the company, but not house owned by the owner). Not really viable for a one-person company, since anyone lending the company money would probably require a personal guarantee from the owner (i.e. they're personally liable in the event the company can't pay), but pretty much necessary if the company goes public. For example, in the recent GM bankruptcy, shareholders lost everything they had invested (not enough assets to cover the liabilities, so nothing to be distributed to the shareholders, share price went to zero), and any new shares sold were effectively from a new company, but the trustees handling the bankruptcy weren't able to go after the old shareholders and tell them "You own 0.00001% of the outstanding shares, so you owe 0.00001% of the excess of debt over assets, which comes out to $12,345 - pay up".


Soda speak!
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