In the context of business, what does 'DBA' stand for and what does it mean?

Answer 1

It stands for "doing business as," and it means the person or legal entity (corporation, LLC, LLP, partnership, etc.) is operating a business under a different name than his, her or its own.

Answer 2

Technically, you have a Partnership. Partnerships can be formal or very informal. While Partnerships need to file a tax return (Form 1065), they don't pay taxes. The income flows through to each partner's return and each partner would pay his share of the taxes. You can apply for a Federal ID online and have any 1099s issued to that Federal ID instead of you (or someone else) directly. You probably should contact an EA or CPA in your area for advice.