Can my LLC do different types of business?

Can you have different businesses under one LLC?

The answer is that you can, and you can also do this in multiple ways. In this article, we’ll discuss how your company can trade under multiple business names.

Can I have 2 businesses under one LLC?

Whilst it is possible to run multiple businesses under one company, it does come with its limitations. The general rule of thumb is; A separate company for each business, and. Any valuable assets kept separate from a trading business – these are generally held in a trust.

What type of business you can use your LLC for?

Types. Most types of businesses can be limited liability companies. Typically the only exception is a professional partnership, such as a law firm or doctor’s office.

Should I name my LLC after myself?

Consider your long-term plans before choosing to name a company after yourself. Selling a business and moving on can be more difficult if the business is named after an individual. … “An eponymous firm may send the message to acquirers that the company is overly reliant on the founder.”

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Is it better to have multiple businesses under one LLC?

An Increase in Potential Risk

The advantage of an LLC is the limited liability it affords its owners. When you run two separate businesses under two separate LLCs, the assets and income of each individual company is also protected from any liability risk which might affect the other company.

Which is better LLC or sole proprietorship?

Most LLC owners stick with pass-through taxation, which is how sole proprietors are taxed. However, you can elect corporate tax status for your LLC if doing so will save you more money. … However, due to the combination of liability protection and tax flexibility, an LLC is often a great fit for a small business owner.

Can I change the name of my LLC?

To change your LLC’s name, you must file a Certificate of Amendment along with any fee required. … You must file an amendment request only for a legal name change. If you just want a new trade name, you can apply for a fictitious business name, also known as a DBA (“doing business as”).

How do I put multiple businesses under one LLC?

Create an LLC Holding Company With Individual LLCs Under It. Another option for running multiple businesses is to create individual LLCs for each of the businesses and then put them under one parent LLC that acts as a holding company.

What if my LLC made no money?

Even if your LLC didn’t do any business last year, you may still have to file a federal tax return. … But even though an inactive LLC has no income or expenses for a year, it might still be required to file a federal income tax return. LLC tax filing requirements depend on the way the LLC is taxed.

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What are the disadvantages of an LLC?

Disadvantages of creating an LLC

  • Cost: An LLC usually costs more to form and maintain than a sole proprietorship or general partnership. States charge an initial formation fee. …
  • Transferable ownership. Ownership in an LLC is often harder to transfer than with a corporation.

What are the pros and cons of an LLC?

Pros and Cons of Limited Liability Corporations (LLC)

The Pros The Cons
Members are protected from some (or sometimes all) liability if the company runs into legal issues or debts. Unless you are running the LLC alone, the ownership of the business is spread across its members (this can also be a pro)