Each domain name consists of two parts - the Mid Level Domain (MLD), and the Top Level Domain (TLD). The Mid Level Domain is the Yahoo in Yahoo.com, the Google in Google.com. This part of the domain name can consist of up to 63 characters in .com, .net, or .org domains. Only letters, numbers, or hyphens are permitted; no underbars, exclamation marks or periods. The Top Level Domain refers to the .com, .net, or .org part of the web address. There are also country code Top Level Domains (ccTLD's) such as .ph for Philippines .ca for Canada, .fr for France, or .us for the United States. In most cases, you will need to reside in that particular country if you wish to purchase a ccTLD.

Choosing The Right Domain Name
Choosing the right domain name can be critical to the success of a website. Most Internet users remember websites by their domain names; your domain name can also affect the anchor text of inbound links; and your ranking in search engines. Let's take a few minutes to discuss the issues you must consider when choosing a domain.

Branding
Many of the most successful sites do not use keyword domains. These online businesses have chosen to go with a completely original domain, and brand it. A few examples are Yahoo!, Google, Amazon, Monster, and eBay. It's not that these large corporations don't know about search engine optimization; it's just that they are putting more emphasis on creating a brand name around their business.

Keyword
A keyword domain is a domain chosen to take advantage of search engine traffic. By choosing a domain that matches a keyword search, we are able to rank higher for targeted keywords and thereby benefit from added traffic and more potential for sales.
Whether you choose a brandable domain or a keyword domain is a choice you must make, and a choice you should make in accordance with your business plan.

Tips On Buying Domain Name
Don't include a specific location, unless you serve only that location. Even if you do ship nationwide, you may never get the chance to let the consumer know that; consumers from other areas are not likely to click through from search engines if your domain includes a location.
Cut to the chase, keep it simple. The shorter the better. It's easier to remember.
Two minds are better than one. Make a visit to a webmaster forum and ask for suggestions. You'd be surprised by some of the great suggestions that you may find in a webmaster forum.
Buy your domain from Godaddy. Godaddy.com is a reliable domain registrar and provides great customer service.