Can you have multiple businesses under LLC application [Fact-Checked]

Last updated : Sept 11, 2022
Written by : Lyndsey Renton
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Can you have multiple businesses under LLC application

Can I start 2 LLCs at the same time?

Creating and running multiple LLCs involves filing Articles of Organization for each company and having separate LLC operating agreements. Each LLC must maintain its own records, bank account, payroll, and tax documents.

Can you operate multiple businesses under one ein?

You cannot use the same EIN for multiple businesses, even if they are owned by the same person. EINs are not limited, so you may apply for as many as you need. You are dividing your business into separate entities.

Is it better to have multiple LLC or DBA?

Having multiples DBAs will not protect the assets and income of each DBA from the other DBAs. If one of your DBAs gets sued, all other DBAs under the LLC name will be liable. For liability protection purposes, it is better to have multiple LLCs for each of your businesses.

Can you have multiple LLCs under one address?

Making multiple LLCs, in fact, is perfectly legal; there is no limit to the number of LLCs one person can register. On the other hand, it's more paperwork than you might otherwise need to do. Taxes become individual taxes for each LLC, rather than one larger aggregate whole.

How many businesses can you put under an LLC?

You can run two or more businesses under one LLC by either: running all the business activities under one LLC name, or. registering DBAs (“doing business as”), also known as Fictitious Names.

What is it called when you own multiple businesses?

A conglomerate is a corporation made up of several different, independent businesses. In a conglomerate, one company owns a controlling stake in smaller companies that each conduct business operations separately.

Do I need a new EIN for each LLC?

You will be required to obtain a new EIN if any of the following statements are true. A new LLC with more than one owner (Multi-member LLC) is formed under state law. A new LLC with one owner (Single Member LLC) is formed under state law and chooses to be taxed as a corporation or an S corporation.

How do I add another business to my EIN?

If you have already filed your return for the current year, write to the IRS at the address where you filed your return and inform the agency of your new business. Include your EIN number and have a corporate officer sign the letter.

How do I run multiple businesses?

  1. Choose Projects Wisely.
  2. Share a Location.
  3. Schedule Your Days.
  4. Track Your Time.
  5. Leverage Your Assets.
  6. Create Reports Regularly.
  7. Hire the Right People.
  8. Learn from Past Mistakes.

How do I open multiple businesses under one LLC?

Another way to structure multiple businesses under one LLC is to set up a holding company. Under this option, you would create separate LLCs for each new business venture and “hold” them under your primary LLC. This arrangement is also referred to as an umbrella company or parent company.

How do I file taxes if I have two businesses?

If you have two businesses, you'll need to file multiple Schedule Cs — one for each business. But, you can include all the forms and calculations with your personal income tax return under your TIN, which distinguishes your sole proprietorship.

Does my DBA need an EIN?

That's because an EIN is used for tax purposes, and your business is the entity that pays taxes. Your DBAs are just your business nicknames, and therefore, you won't have a separate EIN for a DBA.

How many companies can be registered on the same address?


Can two businesses operate from the same address?

There is no reason why you can't have two different businesses in one location, as long as the combination isn't illegal or detrimental to business. For example, having a day care and a bar together is illegal in most places.

How do I create a subsidiary LLC?

  1. Choose a name for the LLC subsidiary.
  2. Create the subsidiary's Articles of Organization.
  3. Write a subsidiary Operating Agreement.
  4. Register the subsidiary with the appropriate government agency.

Can one person own multiple companies?

First, there's no limit to how many corporations or LLCs one person can form. Many entrepreneurs opt to file a new LLC or corporation for each of their startup ventures. For example, you can form an LLC for your landscaping business and another LLC for the golf course you purchased.

Can an LLC loan money to another LLC?

As far as lending between LLCs, absolutely you can. You can also do a distribution from one LLC / contribution to the other LLC like a CPA above described.

Can two LLCs have the same DBA?

For most states, two businesses will not be allowed to use the same DBA. Doing so will cause confusion, especially when the fictitious names are in the same industry. In order to use a DBA for your business, you must submit an application. Just make sure that your fictitious name isn't already taken!

Can you turn an LLC into an S Corp?

You can switch your limited liability company's (LLC) tax status to an S corporation, provided it meets the Internal Revenue Service's (IRS) requirements. You don't have to change your business structure, but you'll need to file a form with the IRS.

Who is the owner of more than one business is called?

Answer: c. An entrepreneur who is the owner of more than one business is called: Portfolio Entrepreneur.

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Can you have multiple businesses under LLC application

Comment by Leonardo Irigoyen

hey this is attorney Elizabeth potts-weinstein and today we're going to talk about whether or not you can have multiple businesses under just one LLC an LLC or limited liability company is a business entity that you can form to protect yourself personally from liability issues of your business and there's also some other benefits about taxes and things like that now if you form an LLC there are certain costs that go into form of the LLC maintaining it paying franchise fee taxes all this kind of stuff so you may Wonder well if I have a new project a new website I have this YouTube channel I'm doing some Consulting work I'm selling a new product over here do I need to form LLCs for all these different projects the short answer is you can put all your different projects under one LLC but there are times where you don't want to so let's break that down if you put all your various projects under one LLC there are definitely benefits to doing that fewer costs because you're setting up one LLC less hassle because all the forms and all the stuff that you need to file and create you only got to do that one time all the expenses are put together so they can all share the same accounts and services and software and all that kind of stuff and there are some tax benefits to putting everything together if one of the businesses has a loss that gets wrapped into the other business that makes a profit and so it looks like you're not making as much money because the bottom line is you're not taking home any more money so it makes sense that you're paying fewer taxes however there are a couple problems with having everything in the same LLC for first you have to have the same ownership structure for those various projects perhaps this one project over here you're Consulting you're doing completely on your own over here this website business you're in a venture with a friend and so having that all in the same legal entity doesn't make a lot of sense the next aspect is that all these projects are inside the same LLC so they're all liable to each other so let's say you have one project where you're taking on a lot of debt there's a lot of inventory and it loses money it goes under and then your project over here that does awesome is making all kinds of money and is making you a profit for you to take home it's actually liable for this business so you can't just file bankruptcy and have this business go under this business has to pay off the debts of this other business and that may not be what you're looking for in certain situations so when does it make sense to have one LLC with all your projects in it first there's only one owner it's just you the project are relatively low risk so you're not taking on debt you're not likely to get sued so you're not really worried about the liability issue for the projects to each other third is that a lot of these projects are kind of new experimental ideas that you're working on and it doesn't make sense to do the expense of forming a new LLC and last you want the tax benefit of putting everything together you've talked to your tax person and that makes sense in your situation when do you not want to put them all together in one LLC first is the ownership structure is different that's just not going to work it's not going to be practical second is if one of the businesses is high risk it's taking a lot of debt it has a lot of inventory it has a lot of employees there's potential litigation issues because the kind of industry you're in you want to keep that separate from your other projects third if you want to sell off part of the business if there's one of your projects that you're developing to sell to a bigger company you're going to eventually want that to be separate you don't have to start out with it being separate but you're eventually going to want to spit it off so it can be sold as a separate project and lastly there can be tax benefits to having your various projects in different LLCs that's kind of beyond the scope of this video the exact tax benefits and it really depends upon the exact businesses you have sometimes splitting off real estate or the business that has employed a lot of employees or the business that owns all the intellectual property there can be great tax reasons to split off at even parts of a business or entire businesses from each other they can then do transactions with each other and do all kinds of creative tax things but that has to make sense in your particular situation so you want to talk to your Tax Advisor about that again this is Elizabeth Potts Weinstein if you have any questions about whether having just one LLC is a good idea in your situation feel free to ask them below and I will try to point you in the right direction thumbs up if you found this video helpful and subscribe if you'd like any more tips for small business owners thanks a lot for watching bye

Thanks for your comment Leonardo Irigoyen, have a nice day.
- Lyndsey Renton, Staff Member

Comment by qkrotncjuU

Thanks for this interesting article

Thanks qkrotncjuU your participation is very much appreciated
- Lyndsey Renton

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