Can You Have Two Businesses under One Ein
To answer your question, I think I`d like to have an LLC that is involved in two different DBA companies – photography and accounting. Hi Matt! I started a consulting firm that uses only my name and independent consultant. I obtained insurance on my behalf for this company. I have consulting contracts on my behalf that will be extended until 2021. So, I form an LLC under a different name and I wonder: 1) Should I change my contract to the LLC name (it`s not easy to do), 2) should I change the name of my insurance? , or 3) I simply formulate the LLC and register my name as a sole proprietor as a corporation under the LLC or ??? It is a single member LLC and I am also the sole proprietor. Thanks in advance for all instructions. They have a fabulous site and the information is very useful. Best wishes for a happy Christmas season! I have an existing 17-year-old business called Baskets and Flowers, where I sell tropical plants and then put them on a monthly plant service. I just used a Schedule C for my personal taxes. Last March, I started an Amazon FBA company with an LLC. What do I need to do to add the tropical plant company to the LLC? Can I automatically add the investment company to the LLC for 2020? Hi Matt.
Great advice here, thanks for sharing. I have a question about registering a foreign company (this may not be your expertise, but I hope someone has good advice). Business A is our parent company LLC. then we have Company B and Company C as individual branches with their own EIN, but operating as dba to A. All set up as LLC S-Corps, because a small part of the equity is only given to different people in B&C. My question. If I register the company as a foreign company in the states we serve (we are nationwide), do I only need to register Company A or do I have to register B&C individually in those states? Individual registration doubles my tax and payroll accounts, but I want to do what is best business practice. It`s so confusing! lol Thanks in advance:) Hello. I currently have an LLC. Let`s call it Company A.
But I want to create other companies under this LLC, but I want them to be llc under this LLC owned by Company A. Is this possible? Hey Matt, I own a construction company that builds and rebuilds houses. We have recently built a room for our offices and are building a new custom carpentry. We have 5 employees and they will divide the working time between the construction company and the carpentry. Legacy Homes and Renovation LLC is not really suitable for a future customer who knows you are a carpenter, so we thought about creating a DBA for carpentry under the original LLC. We thought it would be easier, so guys always report their time to the same place and the pay is not divided, etc. Good or bad idea? Hi Matt! Thank you very much for all the good info. I`m a manufacturer and I run a small LLC that does custom work. I have developed a new product line that has unique insurance and liability requirements (chimneys), and so I plan to create a separate LLC for this family of products. Can both work under the auspices of my home company? I hope to be able to sell them through my already built online store, but I want to make sure I do everything legally. Thank you for all your help-m For salaries paid as of January 1, 2009, individual members/sole proprietorship LLCs who have not chosen to be treated as a business may be asked to change the way they report and pay federal labor taxes and payroll payments, and certain federal excise taxes.
On August 16, 2007, amendments to section 301.7701-2 of the Consolidated Revenue Regulations were published. The new regulation states that the LLC, and not its sole owner, is responsible for the declaration and payment of all payroll taxes paid as of January 1, 2009. These regulations also state that for certain excise duties, the LLC, and not its sole owner, is responsible for responsibilities and actions that are first necessary or authorized in periods beginning or permitted on or after January 1, 2008. To clarify this, if I want my current DBA to be „under” the LLC, all I have to do is file a form with the Secretary of State and go back to the county where I originally filed it to cancel it. Hi death, an easier way to imagine this is not that you have multiple businesses, but you have one entity (the LLC) and that entity has multiple business activities. So yes, all this remains a unit and therefore responsible for all the events/actions in which it has participated or will participate. In order to separate a potential liability risk, a new entity should be created. I hope this helps. If any of these points do not apply to you, you must have an EIN for your business. Hi Hillary, I understand. It`s as if two teams of 2 come together in teams of 4.
In this case, you should keep in mind that Team A forms its own LLC („Team A LLC”) and Team B forms its own LLC („Team B LLC”) and once these LLCs are approved, they all form a new LLC called „The Best Food Co LLC”. The Best Food Co LLC is not privately owned, but by Team A LLC and Team B LLC. As an alternative, Team A LLC and Team B LLC could also operate under a joint venture agreement, but such a thing would be better designed by a lawyer and you should consider which name to use and how the rights to the name will be treated. I hope this helps. Hi Bilal, an LLC may have two companies underneath, but if you want to keep responsibility in each company separate from the other, then forming two LLCs would be the way to go. I hope this helps. Basically, you mean that your article is just as confusing. I need a candy machine and a wholesale store, would a DBA be fundamental for these affiliate lines? Agree with your consent, grant me to grab your RSS channel to be restored with the push to the post office. The clarity of your message is fundamentally extraordinary and I have seen that you are an expert in the field. It helps me a lot to understand it without any problem.
Thank you especially for this detailed information diagram and I continue carefully this incredible work. Hi Matt, I live in Illinois and currently have an LLC (JuMac Candies LLC.) This LLC was created for my candy business, but now I have started a cosmetics company (Diamond Kutt Kisses) which I run under JuMac Candies LLC. Entity. I was told that in order to get financing or even open a business account under the Diamond Kutt company, I would have to register the name first. It`s true? I assumed that registering a DBA name wasn`t a requirement, it was just a way to protect your company`s name from others. Isn`t that accurate information? I just don`t want to do anything illegal. Thank you Hey, I started a lawn care business and I want to make it an LLC, I`m also getting into real estate and transforming homes. I understand that I can handle both under an LLC with a DBA.
Is it better to keep them separate, as real estate as a small lawn care business can make 3 times more money, or do you think it`s less complicated to keep both under an LLC for tax purposes, etc.? What would you essentially do in this business situation? Thank you for commenting and thank you for reading our blog. We will have a sales representative who will contact you to better help you with your question. For most people, whether you have one LLC or two LLCs, the amount you pay in taxes should be relatively the same. However, the way you file your tax returns may vary. My husband opened an LLC Auto Connection a few years ago for a used car space that we wanted to open and didn`t open. However, we have a booming DJ entertainment business and my husband says we are protected by his original LLC (Auto Connection). Can businesses be different under an LLC? In addition, I filed self-employment tax returns under Wolff Productions. Do I have to submit under the name „Automatic Login”? In general, two companies may have the same or a similar name if they are not involved in the provision of the same types of products or services or do not serve the same commercial channel. Hi Stephanie, good question. In fact, please see my answer directly on where I answered Carla`s question (it`s a similar situation).
I will answer here as well, but put it a little differently to make it clear. Your LLC may engage in multiple business activities and keep those activities under a bank account, or your LLC may open two (or more) LLC bank accounts to facilitate accounting, finance, and taxes. Your LLC may have multiple bank accounts, all under their name, or they may have multiple bank accounts, and some of these accounts may be under a DBA name owned by the LLC. The DBA name depends on whether or not your LLC operates under a name other than its true and legal name. I hope this helps. I have an LLC that is active, but I am no longer doing business – I am starting a new business and would like to know if I should just start dba under current LLC due to inactivity or form a brand new LLC and make the current LLC inactive and no longer be a corporation? Can you please give me your opinion? If I run several companies myself under an LLC and the two are very different companies. Would I share a bank for each business or is it safe to have only one account, as long as I keep track of all profits and expenses? However, if you want an LLC, here`s another thing to keep in mind: Do you have an LLC, but that LLC opens two different LLC bank accounts. Database administrators can be associated with bank accounts. This will organize finances better, but you still have an LLC. As I mentioned earlier, one option to manage multiple companies under a single LLC is to set up DBAs (fictitious names) for additional business units or locations.