I want to create several DBAs, each with it's own EIN, yet I'd like the DBAs to be under the umbrella of my S-Corp. Is this possible and legal?
Yes, it's legal and it's possible. In IRS FORM SS-4, on LINE 1 you enter the name of the S-Corp; on LINE 2 you enter the name of the DBA. You need to file a SEPARATE FORM SS-4 for each DBA that you wish to apply for the EIN.
OK. I already have an EIN for the DBA. Should I incorporate the DBA or is it covered under my S-Corp?
I think you're confused. The "DBA" is an ALTER-EGO of the S-Corp. When you file the "DBA", you file it with the COUNTY in which the DBA has its principal place of business. Let's say your S-Corp is called "Honda Motor Corp". You file a DBA called "Honda Finance" with the County. Then you file another DBA called "Honda Service". They are entities of the same S-Corp. You do not need to incorporate the DBAs!
what llnks the two legally?
If you file the DBAs this way, the link is in the DBA form that you file with the County, in which you specify the NAME of the S-Corp and the NAMES of the DBAs. Also, in the RESOLUTION book of your S-Corp, you specify the date and the names of the DBAs that you created; that also serves as a link. There are OTHER ways to link the separate entities too (through ownership and such) by using LLCs, but this can get expensive.
Now, each DBA should have its own bank account. And, if you apply for the EIN for each DBA, each entity with the EIN needs to file a tax return at the end of the year. This can be a real CHORE.
Do you REALLY want to have a separate EIN (and file a tax return) for each DBA???
To simplify the matters, you can simply have a separate bank account for each DBA and NOT apply for a separate EIN for each DBA. The S-Corp can simply file ONE tax return at the end of the year, using income statements from all DBAs.
What is your reason for wanting to "link" the entities? Is it a logical reason or simply aesthetic reason?