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Can You Have Multiple Businesses Under One LLC?
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- Опубликовано: 26 мар 2023
- In this RUclips short, we'll be answering a common question that many entrepreneurs have: can you have multiple businesses under one LLC?
Limited Liability Companies (LLCs) are a popular business structure that provides many benefits, such as liability protection, flexibility, and tax savings. But many people wonder if it's possible to operate multiple businesses under one LLC.
In this video, we'll explore the pros and cons of having multiple businesses under one LLC, and discuss the various considerations that you need to take into account. We'll also provide you with tips and advice on how to set up your LLC to accommodate multiple businesses.
Whether you're an experienced entrepreneur or just starting out, this video will give you a better understanding of what's possible with an LLC and help you make informed decisions for your business.
Don't miss out on this valuable information! If you have any questions or would like to learn more about LLCs, please leave a comment below.
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#llc
Simple and quick, I like it.
Incredible. Thanks.
I like 😮
Thank you so much❤
Hi, I have a soap manufacturer LLC.
I just got my Esthetician license, so what's the best way to combine them ?
In what case would it make sense for anyone to have 1 LLC with 2+ DBA’s and not just make separate LLCs. Because having 1 LLC and multiple doesn’t sound like a good deal if something goes wrong with one, you get sued & then affect everything else
A DBA, could be used if you wanted to use a different name for marketing or for offering a certain line of products, but not set up a separate LLC, and maintain separate books and records, annual filings etc. However, as you point out, anytime you combine businesses under one entity, you risk the liabilities of one business affecting the other. Agree with you, that forming separate LLCs is the safest approach!
@@BurtonLawLLCyeah , that’s exactly what I was thinking. Thank you for your expertise
Are you talking about DBA in your first example and in which country? Thank you very much.
If u have two LLCs can you write off buisness expenses twice?
This is not tax or legal advice, but generally you can only write off a business expense once. This post might be helpful to you ttlc.intuit.com/turbotax-support/en-us/help-article/expense-accounting/claim-home-office-deduction-two-businesses/L1J3XMwl2_US_en_US Consult with your own tax advisor for your specific situation! Thanks for tuning in!
My business is registered as my own name and source of income is stated as ecommerce but I am making money by freelancing as a copywriter. Is that allowed? Or do i need to make some changes? Im not doing ecomm hence making no profits or revenue from it.
If I was to combine under one LLC, can I give the separate businesses different business names?
If your state allows a "DBA" "Doing Business As" then I think you could operate each business under a different name (DBA). Check your states rules on registering a DBA, some have more requirements than others and it can vary from state to state.
Thanks for this. Is it ok that one of my businesses is operating as a 1099 independent contractor in healthcare facilities. Concerned about how to do taxes. Do you provide phone consultation?
You are welcome. We can only help clients in Wisconsin, and solely with forming an LLC, we don't handle the tax preparation/filing advice. For your tax questions I would consult with a CPA or tax professional in your state. There are also likely some folks on youtube that have videos on this topic, possibly even in your state, I am not sure. Thanks!
If I apply for insurance (general liability?), should I tell the insurance company about both the businesses? Will I be completely covered in case there is an issue with one of the businesses?
I would address this question to your insurance agent and yes I would inform them about both of the business lines you are planning to operate so you can ensure the policy properly covers both. Thanks for tuning in!
You’ll need at a minimum multiple business licenses for your different types of work from your city and state.
If you have two businesses under one LLC how do you go about depositing checks in the same account with two business names?
Check with your particular bank on their process, but if you have the DBA "Doing Business As" registered with your state and with the bank this should allow you to deposit the check in the same account.
Does this mean u then need a dba for each business under the 1 llc ?
Yes, if allowed in your state, you could use a DBA name for each business.
Can i have 3 or 4 business under 1 LLC
Yes