Can You Have Multiple Businesses Under One LLC? | Attorney Answers Question
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- Опубліковано 6 жов 2024
- In this video, attorney Thomas B. Burton answers a common question about LLCs: can you have multiple businesses under one LLC? He discusses the advantages and disadvantages of this approach, and explains the legal and tax implications involved. From flexibility and simplicity, to potential liabilities and reporting requirements, he covers the key considerations to keep in mind when deciding whether to operate multiple businesses under one LLC. Watch to learn more on this topic.
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It makes sense. Thank you. You helped me understand that an LLC is an entity that holds the other businesses or services. It's sort of like an umbrella.
Thanks for your kind comment and for tuning in! Glad it was helpful!
Thanks for the video Thomas! You just answered a question I had for you next week!
Awesome! Looking forward to meeting you next week and thanks for this positive feedback!
Thanks for answering this❤
Thank you for your kind comment, I am glad it helped!
thank you so much
Thanks for your thanks and for tuning in!
Thanks for info . Very helpful
Thanks for tuning in and for your kind comment!
Thank you so much🎉
You’re welcome 😊
Great video. This is what I was searching for. I still need help though. Are you licensed in STL/MO?
Hey thanks my friend for tuning in and for your positive feedback! Unfortunately I am not licensed in Missouri. I took a quick look and it looks like you can form an LLC by filing online in Missouri similar to Wisconsin, but for state specific questions it is best for you to consult with a local attorney licensed there. Hope this helps and thanks again for tuning in!
Ok, I will change name, who the hell knew this was so complicated. Some articles suggested to have dba for different brands, so this made me confused. I will find a new name
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Burton, So The Other “Names” (Part From The LLC Name) Are Those Called “Domain-Names”….?
Hey, they sometimes call them a "Doing Business As" or "DBA" name in certain states. That is where the "DBA" acronym comes from. Thanks for tuning in!
So my question is if I have my own llc and want to build a building can I name after my grandmother Martha hall.. my llc entity legal doc State for entertainment and community?
Hi, I think if I understand your question you are wondering if you can name your LLC after your grandmother--using her first name Martha as part of the name. It will depend on the laws in your state, as long as the name is available in your state and does not contain a prohibited word, it seems like you could use her first name as part of the name. In Wisconsin you can search available names here: www.wdfi.org/apps/CorpSearch/Advanced.aspx Here is a good article with useful steps to consider when naming your business www.wolterskluwer.com/en/expert-insights/3-tips-for-naming-your-business
Hi Thomas, new subscriber here! I am a new licensed insurance agent in Hawaii. I want to form a business for my insurance service & another consulting business to help empower women & another business in the future to help people form Trusts. What do you suggest?
Hey, congratulations on getting your insurance license! I am not licensed to practice law in Hawaii and I can't give legal advice in the comments, but I can give some general thoughts here about getting a potential business going. For the insurance business you might want to form some type of entity for liability protection, if that is allowed in Hawaii, but first make sure you check that you are meeting the requirements of the Hawaii office governing insurance. I know in Wisconsin there are special rules for certain regulated professions, such as insurance, so you can probably form an LLC for the insurance business but should check with the Commissioner of Insurance or whatever the office is called in Hawaii before proceeding. They may require you to include or not include certain words in the title of the entity and or maintain a certain level of liability insurance--I am not sure. Then for the the consulting business you could start it as a sole proprietorship or as its own separate entity (like an LLC). The thing to think about is the potential liability in each business, and what you are trying to protect from each other. Also think about the costs involved with forming and or maintaining various business entities. The potential business forming trusts, I am not sure about, I would be cautious abou that, as that might get into what they call the "unauthorized practic of law" and so you need to check the local rules governing attorneys on that one, check with a Hawaii attorney on whether this is possible. Some states are allowing non lawyers to provide certain limited legal services, but I don't think Hawaii is one of them---however there are 50 states so each state sets it own rules (usually the Supreme Court) and it is always good to check your states laws first before proceeding. Insurance will require a state license for you to operate but I see you have it so congratulations on that! But since insurance is very highly regulated, before you set up a business entity for that, I would make sure you are following all of your state's rules. If you form the entities yourself you can likely do it directly with the Hawaii office that forms business corporations or with an online service that helps you file or with an attorney. It looks like this is the state office in Hawaii for business filings hbe.ehawaii.gov/BizEx/home.eb It looks like they have some good FAQs here cca.hawaii.gov/breg/faqs/general/ If you need specific legal advice on Hawaii law, then you should seek out and consult an attorney licensed in Hawaii. I love that you are tuning in and learning on UA-cam and launching your businesses! Best wishes for much success!