You could also run the extra project as a sole proprietorship, which occasionally makes sense if having them under one LLC is not feasible. Here's a video about sole prop vs LLC: ua-cam.com/video/5ClAJYWTLRA/v-deo.html
You literally answered my most pressing question which was do I need to form multiple llcs, within the first 30 seconds. The rest of the video is straight TEA. Highly recommend this video for anyone first starting out!
This helped very much I had a spinal cord injury a couple years ago and since then I’ve had 4 different 1099 jobs along with short time w2 positions and never remembered registering more than one business. My tax guy always mentioned something about it but he must’ve just grouped them together because he still ended up giving me a decent refund/net 0 after my expenses.
I just asked this question in another one of your videos not knowing you had this video! Lol Thank you so much for covering sooooo much important questions and being so informative! You really are a great help!
what about operating agreements as a single member LLC? One part of my business deals with travel (uber) and another part would be with government phones.
This is a great video that gave me a lot to think about while muddling around with the idea of starting an LLC for various projects. Thanks for creating this!
Great content! Your videos are clear and concise and I appreciate that. I am starting tiny unrelated projects and would like the flexibility of my LLC to be set up so I can pursue those projects small and then decide if they need their own LLC. How would I complete the question on the CA Statement of Information form where it asked for a brief description of my LLC? Thanks for any tips you can provide!
Hi Linda, thanks I'm glad you found the videos helpful! Hm in the brief description I'd put something general that covers it all (like consulting or internet sales) or just list the first couple areas you plan to pursue.
Great video! Finally a clear overall explanation and what to think about when trying to form an LLC. I had a more specific question. I am going to open an Etsy and Amazon business for digital art/ print on demand books which I feel I could do under the same LLC because it’s similar items and also I’m the only employee. But I also wanted to open another Etsy business selling cake decorations out of fondant. Would you suggest opening different LLC? I want to make this as easy as possible because I also have one other hurdle which is that I move around every two to three years because of my husband job. So I’m lost as to what would be best. Thank you!
If the most impt thing to you is simplicity, then one LLC is best. Selling a consumable food product is a more risky business than art/books, so make sure to get insurance to cover that, and consider spinning it off into its own LLC once it is making money etc.
Thanks for this video. I have a lot of side hustles that I’ve been doing and so new to it and at the same time have a corporation but not 100% sure if I can use this corporation for all side hustles and watching this video really helped me. Thank you
Thank you for the clear explanation on LLC pros and cons. I happen to own all 3 businesses with my partner so it sounds like I can pull them under 1 LLC. I'm most curious about the graphic design business 1 of 3 and how it might help server the other two businesses (physical product and digital product biz). Obviously business 1 does all the design work for businesses 2 & 3. Curious if this is what you were alluding to in terms of how it could "serve" the other businesses. If it does serve the others, should I then structure this outside of the LLC? Appreciate your insight!
Wow finally came across something that could potentially answer some of my questions! This is very well structured and clear. Brand new to this channel. Will look at other videos. Which state do you practice in?
Wow I just found you! 🌼Thanks so much for making this video, so helpful. Yes I do have a question: Can you split the businesses up later into their own LLC's with their own EIN numbers fairly easily? As in, for now, if I am testing out a few different businesses and don't want to go through the LLC forming as you mentioned can it wait to see what business actually works?
Yes you can split it up later. Hm how easy it is depends on how much you keep everything separate -- it is more "hard" from a logistical perspective. For testing, it can be great to run those projects from one LLC, saves a lot of money
I started my LLC to begin a clothing brand, but I also do ecommerce on the side (selling on marketplaces such as eBay, Amazon, and Facebook Marketplace) and am considering going into the rental industry with Turo. While for Turo Im leaning on creating another LLC anyway, is this a situation where I can do all these under one LLC seeing as they are widely different industries?
Yes you can have them all under one LLC. But also it is common to have property / rentals in a separate entity, for liability reasons and tax reasons. A good idea to talk to your tax person about that.
Thank you for your LLC videos. They have been very helpful.❤ What are your views on the Corporate Transparency Act that will take effect on January 1, 2024? Do you have any videos on it? 📺🤔
I just came across this account and I already love the content! I happen to need some advice. Of course when I make more sales I was debating on having A LLC of just designing stuff to sell. The main thing I can’t really make my mind about is having a freelance work ( writing, animation, photography) as a dba under that Selling LLC and having another Dba for a UA-cam channel under the same LLC. I want to have some liability when doing freelance work because I read stories if people getting sued. And I since I’m the only person in these three it would make sense for UA-cam to be there too. Should I make different LLCs for each one? It just seem like more expenses but I would do it if its worth it.
Yes the expenses can really get $$$ for multiple LLCs. For your freelance work, I recommend it is better to spend time/money on having a solid contract and just being picky about clients (look for low-drama work). Most of the time it makes sense to have everything under one LLC when it is just you, especially when it you doing the work (services, youtube, etc.). Occasionally I have clients who are very risk-adverse or who have large personal assets where they want to keep things separate to the max possible, so they are willing to spend the extra $$ on additional LLCs from the beginning.
Hi! Appreciate your all your content. Very helpful! Question on DBA setup - since DBA is at county/city level in California, where would you suggest I setup my DBA? For context, my LLC is setup in California. My registered agent is in Sacramento. My physical address is in Los Angeles but I sell solely online.
Thanks for posting this, Elizabeth! Very helpful information. With that said, may I propose a scenario to you so I’m sure I understand what my best path may be? (Not that I’m giving you the option to answer first. Haha..) If I create a business that provides a service, and a relative in another state started a business selling her art work, I presume setting up an LLC together would not be a great idea. Correct? Sounds like two separate business owners, products/services, and expenses does not make for an ideal scenario for a single LLC. Sounds like if one goes down, we may both go down. Thank you!
I recognize that this is more a matter of opinion, and it basically comes down to how risk adverse we may be, but I would like your thoughts on this. (Pretty please? :) )
One of the big issues with setting up a business with someone in another state, is you may end up needing to register in both states (form the LLC in one and register as a foreign LLC in the other) and file partnership tax returns. It makes things more complicated. Makes sense if you are in business *together* but if they are separate, probably easier overall to keep separate.
@@ElizabethPW Thank you for taking the time to get back to me on this! After watching your videos, and doing some supplemental research, I was thinking the same thing. When it comes time for taxes, it may be a mess to try to sort it out. That right there may end up being the primary show stopper with the shared LLC idea. Thanks again, this was SUPER helpful as I think through all the details. …and thanks for all the great content!
Ah well it does depend on where you are filling out that info. For the state I'd just update when the new SOI is due. For something like a business license, you may need to update if there's a zoning/permit change due to the new type of business (but many cities are more about the fee than your business activities)
Thank you so much for this info! ...i have an LLC that operates as a lawn care business ....I downside tremendously on the lawn care side of things to less than 3 yards....my next venture I want to do is a dumpster rental business and would like to know if it's better to do my dumpster business as a dba or start it as and LLC ...looking for my dumpster business to be my bread and butter and my lawn care to be like a part time job. .thanks in advance
Hm, I'd think that a dumpster rental business would have a bit of risk, since you'd probably have to finance getting the dumpsters and there's a possibility of someone being injured because they are irresponsible with them. Obviously you want insurance but an LLC would help protect you from those risks
I appreciate your video so so much!!! Not sure if this will get to you, but I have an LLC for my travel agency business with just myself and not planning to add anyone else to the mix. But I am starting a beaded jewelry/tumbler business and want to see if I should just add a DBA name under my current LLC?
Three monetized websites, and a merch store (cafe press). I will of course have to do occasional work updating websites and store. But mostly it would be passive income. (1) Should I list income type as 'passive income'? (2) Can I have all the websites and the store on the same LLC? Thanks in advance.
Not sure where you are listing it but probably “Internet sales” or similar. Yes they could be the same llc, as long as you’re ok with each biz project being liable for the other
Hi Elizabeth, Thank you for making this amazingly informative video. I am going to open a coaching business which includes (coaching clients, self paced courses, podcast, and print on demand merch) and I am also opening an online e-commerce store which will be seasonal pre order collections to minimize cost and waste. I am so confused as to whether I should open them both as DBAs under one LLC, Separate Sole proprietor DBAs, or open the e-commerce store as an LLC and the coaching company as a separate sole proprietorship not involved with the LLC. I would greatly appreciate any and all advance as well as directions as to what would be the most reasonable for my situation.
Well first I'd say it is important to not get stuck -- you can change it later as you launch the businesses and realize what makes more sense. Look at the money/time costs of setting up and managing them as two separate LLCs (or one LLC plus one sole prop) and see if you can handle those expenses, at this point. The most inexpensive and simple way is to start as two sole prop DBAs, and then spin them off to LLCs later once they make more money (and you see if they work).
@@ElizabethPW Hi Elizabeth, thank you so much for responding to my comment and giving me great ideas to take into consideration and give more thought to. I appreciate you. 🙏🏽💙 Have an amazingly awesome 2022! Sending you positive and prosperous vibes. 🧡🦋
Thank you for this. So for me I am into Personal Finance literacy Coaching, and now a Hair bonnets business, both startups and think if it's OK to register as one LLC?
You can -- just be aware that if you did, each business is liable for the other. So for example, if the t-shirt business goes into debt, then your bookkeeping business has to pay off the debt.
@@ElizabethPW Good after loved the video very informative. I am new to this, just open an LLC in January. Im in the process of building a website that will provide tourist information for my area, build an audience and then monetize it. Is there any other videos in your channel that I can watch to understand this concept better, i need to know if i should do it as a DBA or an LLC but I dont know how to go about it. Thanks i subscribed to your channel
If we have multiple DBAs under ONE LLC, then how does the annual reports work? Will there be a report for each individual DBA, or just for the owner LLC?
Thank you, Elizabeth! What business industry would I choose in the case of having multiple projects under one LLC? Would I choose "Other" since there are multiple projects? For example I have my online teaching, online product, and UA-cam channel.
Right it depends on what form you are filling out. Sometimes they let you put multiple things. Generally though if I can only pick on thing, I either put the project you will launch first or if there are services & physical products, I put physical products (because products tend to have the most specific rules).
Hello Elizabeth, Great video and great content all around. I had a more personal question to my situation is should I put my fashion brand and my custom apparel and items business together as they share the same business idea. Buying apparel and goods without sales tax, reselling for more and making profit. Just confused since one is for my personal brand and the other company is helping other business with the promotional marketing aspect of their business. Hope this isn’t confusing. Thank you!
It really is about whether you are comfortable with the risk of each business being liable for the other. The fact that they are similar businesses and may share overlapping expenses does lean towards having them together.
Thank you Elizabeth! If I form a single-member LLC and then have two DBA's (one for my remote office assistant work and one for selling my mixed media art would I be able to file those on the same taxes even though the NAICS and SIC codes are different because they are different industries? Also, I would need to hire one sub-contractor maybe 8 times a year to assist me at fairs (loading and unloading and watching the booth during my breaks). Thank you!
If the two businesses are run totally separate financially (different bank accounts, expenses, etc.) then you'd use two schedule Cs. But it is not about whether they have DBAs -- it is about if they are run separately.
@@ElizabethPW Both DBAs would be part time and run from my home office. In the beginning they aren't guaranteed to make a significant amount of money, so I was hoping to run everything under one umbrella if that is advisable. Both would using the same utilities, same business computer, same office supplies, registered agent, and software subscription programs like Adobe, MS 365 etc. I assumed I would report these by % of use. The difference would come in terms of equipment and supplies that the art business would incur, that the office business wouldn't. Like a tent, table, displays, linens, different advertising, prints, vehicle expenses, art supplies. So I I was just trying to understand in the eyes of the IRS if they are in two different industries, two different set of clients/customers/buyers if I am allowed to operate them under one umbrella or if I'm required to run them separately, resulting in having to get two of everything that is used to run the business in terms of in the home office space. Does that make sense? Thank you for your assistance!
Hey Elizabeth, I can appreciate how busy you are answering questions here on your VERY helpful videos. Thanks to your videos I have cleared up my confusion about different businesses under one LLC: It is (mostly) about them being liable for each other. Roger roger. As I am new, I have no issue risking multiple (different) business ventures under one LLC to START. My question is: once I have become more established for each venture, would it be all that difficult to form a different LLC and transfer a business entity out from my first established LLC, to a newly formed one? My thought is no, but you are so helpful - thought I'd take advantage of your immense knowledge on the subject before spending 20hours researching for it myself. :) Any help is appreciated. Cheers, AS
Yes you can - it is more of a practical difficulty, in the sense that every part of that biz needs to be separated. Like if you use one hosting account for the two websites, the spin-off biz will then need its own hosting account and you need to transfer that website over to the new account. Etc.
@@ElizabethPW Amazing, thank you. I'm getting used to doing a little leg work for the greater good. I appreciate the fast and very helpful response. Subscribed, liked, and bookmarked. Appreciate you.
Hi Elizabeth, I just came across your video. Love the content and super helpful. I'm currently in the process of creating a small business yet I have multiple projects that I want to do such as Website developement, Branding, Decor and possibly interior design services in the future. What will be the best route for me? Any tips?
For many people just starting out, with multiple projects (especially services), they put it under one LLC and then can later spin one or more off into its own LLC, if that makes sense
Wonderfully informative video! If I have a bunch of businesses within 1 LLC and one of them gets big and I want to make it it's LLC, is it possible to do later on?
@@ElizabethPW Thank you for taking the time to answer! Sorry, one more question: To create an LLC I've been reading that in addition to asking a tax consultant like a CPA if it's a good fit for your situation, you should go to a lawyer to make sure it's legally all good as the final step before submitting? Do I go to both CPA and a lawyer? Who would be the professional that would do the submitting (the CPA or lawyer)?
Some CPAs will do it, but usually it would be an attorney who would submit. A lawyer can help make sure you do all the steps you need, like having an Operating Agreement and other implementation steps.
Hi Elizabeth - Great summary here! I have an LLC with two enterprises. One is a service and the other is a product. I would like to brand each one and setup separate divisions for each, but per your video here, I'm fine with keeping it all under the one LLC. Does it matter if I just set these two enterprises up as divisions of the LLC with separate names (i.e., "Company B, a division of Company A")? Or if I set them up as "Company A d/b/a Company B"? Is this the same thing or is a division different than a DBA? Thanks.
Divisions are not really legal entities -- it is just a business decision to name something how you want. A DBA is when you are using a name in your marketing/branding that is different than the legal name of the entity (the LLC), so most likely if you are branding as Name A and Name B and the legal name is Company LLC, you will need DBAs for each Name A and Name B (assuming DBAs are required in your state).
Hi Elizabeth I found you online a few months back. Thank you for your advice on setting up my LLC which I did with Registered Agent. However, I have a question about my LLC account...typed it in and ran into your lovely video. What I'd like to know is can i transfer money from one llc account to another (same LLC) legally? In other words, I have an operating account under the same business LLC but it's the Marketing account I want to transfer money to. I've searched high and low and cannot find the answer to this question. Your advice would be much appreciated. 🌼
Thank you for your great work! Your videos helped on multiple occasions! May I ask your advice on c-corp. We have a c-corporation that is a parent company. We want to open a subsidiary c-corporation that will provide multiple services, like consulting, physical product sales and also have an insurance agency under the same subsidiary. How to properly register it? Thank you!
Hm so you need to first form the corporation with the state, and then you need to execute IRS forms for it to be a subsidiary of the other company. I recommend speaking with your accountant to tax preparer about it, to make sure it gets set up correctly.
I formed a ein under a sole proprietor some time ago. But now I'm ready do something new so I need a llc so should I just apply for a llc? Im sure I can't use my old ein.That's sole proprietor and it's strictly a rental business. This is more
Hm I'm not sure of your exact question, but there could be a number of things different from state-to-state, like some states require special licensing for certain industries, some don't allow certain industries, etc
Hi Elizabeth. Thanks for sharing this info. My question is…. I have a small food business with business account etc. I’m looking to start a different business with a new name but want it connected to my main business name/accounts. What would you advise?
If you want it connected, you can either have it just be a DBA under the LLC or you can create an LLC that's owned by the other LLC. Which makes sense may depend on how you want the taxes to work - check with your tax person / accountant about that
Thank you so much Elizabeth,Super informative. Question. I currently own an s corp that reports income from the hair salon I own. I would like to open another, different business. Since I already own the s corp and the intuit payroll system that processes my w-2s , can the same EIN number from my intuit payroll service pay any new employees of that new llc? When the s corp can own multiple llc. Thank you so much.
So the new LLC would have it's own EIN, so it would have its own payroll. Now you could have the LLC contract with the S Corp to provide staff and then have the staff be employed by the S Corp like the S Corp is a temp worker provider ... but that might be more trouble than it is worth.
Just what I needed! Quick question .. if you plan to have a few different projects under one LLC I assume you would name your LLC something pretty general, can this name be changed later? Or can would I need to make a whole new LLC?
Thank you so much your video was great. New sub here 🥳 Quick question how do i have bother under the same LLC? Get EINs for each? 😬 I would like a consultation if possible.
Only the LLC would have an EIN but typically you have DBAs for each business. Check out my Quick Calls here if you'd like a consult: www.elizabethpottsweinstein.com/15-min-quick-call/
Thanks for the knowledge! Could you please review my question and provide your suggestion? I have an LLC "A" which does IT consulting (taxed as S-corp). I have another LLC "B" (sole proprietor) which I use for my real estate leasing. I'm the only owner of both "A" and "B". I want to put my children on payroll. To do this, I want to use LLC "B" as the FMC (Family Management Company) for LLC "A" and run their payroll from LLC "B". Does this make sense?
Usually an S Corp cannot be owned by an LLC (S Corps can only be owned by certain types of owners) but they can be owned by an LLC that is taxed as a sole proprietorship. Here's an article that talks about that: www.calt.iastate.edu/article/single-member-llc-can-be-s-corporation-shareholder So in that case, you could set it up that way, but if you brought in another owner to the LLC then it would no longer work.
Great informative and engaging video! I own a bridal hair and makeup LLC. I just started a you tube channel I create videos for mature women beauty needs. Would it be beneficial to keep the two projects separate?
Good morning elizabeth, hope all is well. My one question that I have is if I have one company that is flipping houses and one company that is buying an apartment complex . do you think it is best or not to have them under one LLC, or should I separate the two, even though they are in the same category. Thanks
Hello, thank you for the information. My question has to deal with real estate, if I want to do real estate in different states is it best to have an llc for each state or am I able to just make one llc in my home state and venture out to other states without having to make a new llc for each and every additional state? What would you recommend?
The highest level of asset protection is to have an separate LLC for each property, so one property is not liable for the other property if something happens. Could also have an LLC that owns all of the various LLCs under it
Great informative videos. I have a question still planning on the domestic LLC in WY for asset protection/privacy. Should I setup foreign LLC in IA SCorp IT consultant single person and foreign LLC in TX for the rental(planned to add few in future). I am thinking one EIN and 1 Bank account for WY requires more book keeping. Or should I setup IA LLC, TX LLC with its own EIN and bank account for more clear book keeping and structured.
If they are all in the same WY LLC (with just foreign LLC filings), they are all liable for each other. You may not want to do that with a large asset like a rental property -- you may want to keep large assets (and large liabilities) in their own LLC.
Hi Elizabeth, just ran across your video. Great content, Thank you for explaining so well. Have been looking for sound advice on this for a while. I definitely subscribed. I have two projects in the planning stages a pressure washing business and an online candle business. The candle business will probably come after at some point but not too long. I will be the only person working for both. Side income low scale to start. I was thinking about staring a general LLC and having those under the LLC. Advise on having those particular projects under the one llc as dba? what would I select for the LLC business type as the projects are different? once registered, I can promote the DBA's as separate websites and traffic by themselves without including the LLC? I understand from below I can accept client and customer payments to them individually but it would go to the LLC correct and one account for taxes as well?
Yes you can do both under the same LLC - it is just that either is liable for the other. Yep the LLC itself would have the assets/debts & income/expenses & taxes. You'd get DBAs for each that are owned by the LLC. I do recommend having the name of the LLC in the footer of the website & in any contracts/terms, so people are actually aware they are doing business with an LLC.
You can, but those are so different businesses with different risks / assets, might not want them to be liable for each other. If you do it then make sure to get insurance for each biz line
Thanks for this video! Question, I'm a Real Estate Investor, have a ATM, and Mobile Notary business. Do you think it is okay to have all of these under one LLC?
Hm I'd think about whether real estate should be separate, because that's a huge asset(s) that would be liable for any debts/lawsuits from the other two businesses.
I appreciate you and your channel and still doing the research to understand what it is I need to do for my multiple businesses under one LLC that is a 50/50 partership. And what to do in a situation where you have other projects and a different kind of business. ( one is a cleaning company that is the shared business and the other 3 business are eco fashion and mudic and arts and craft business that has a separate website. So I'm wondering if I should file a separate LLC so it's not complicated for taxes under the partnership business and if then i would have to include my 50/50 partneror if that makes sense or not and maybe would help me as far as taxes goes or hurt me. Maybe I need to speak with a lawyer so I'm not making it or thi king so complicatedly.Would most appreciate your advice!!
So if you have the 50/50 LLC own other LLC businesses, then the 50/50 partners would own those businesses. So if you want them to be separately, youd have them in a free-standing LLC. You may also want to talk to a tax person to make sure the money and taxes is how you want
Awesome content! Thanks for making it! Quick question for ya....I have a lawn care business and am looking to start a home organization business as well. Is that worth putting under the same LLC? Or make separate?
It really depends upon whether you want them to be protected from *each other* or not -- if you are doing all the work yourself, may not matter much since you have control over your behavior. But if you have employees for both/either, then that's an additional risk.
You can spin it off later, but if you are sure that you are going to sell or bring in business partners, then yes it might make sense to do it to start. Also yes employees is the other factor
Hm not yet but generally you just have the owners be the other LLC(s). The main thing is you typically have it be manager-managed so a human is running it.
Hi and Thanks for all the info, very helpful! My question is if I have an LLC holding company in Wyoming and I have an LLC operating company in Texas do I need an EIN # for both or could I set up separate bank accounts, etc with 1 EIN#, Thanks in Advance!!
I assume that the Wyoming LLC owns the Texas LLC? You'd still have two EINs with two bank accounts & accounting, but you could have the Texas LLC be "pass through" to the Wyoming one, from a tax perspective. Ask your business tax preparer about that.
My part time job is looking to move the Part Time employees from W2 to a 1099. I'm thinking this may be an opportunity and it may be beneficial to start an LLC, and have them pay the LLC. I'm just not sure if the way I am understanding this will actually work.
@Elizabeth Potts Weinstein I hold a certification in the same field for educating customers about the products. I was thinking of starting the LLC as an "education and consulting " business. I can offer the service to other businesses, and be able deduct expenses. The payments from the job would be the main income for the LLC, but the extra stuff could supplement, and being able to deduct expenses would help to offset the extra taxes. I don't want to get too specific on open forum.
Yes if one LLC owns another the subsidiary LLC would pay the owner LLC (just like it would pay any owner). The taxes would depend on the tax status of the sub LLC and the owner LLC -- they could be pass-through to the ultimate owner (if a single owner who has the owner-LLC taxed as a sole proprietorship), a partnership, or an S Corp, for example.
If I have 2 photography businesses, one is Boudoir centric and my other is Portraits and headshots should I put them both under one LLC? Currently one is an LLC and one is a Sole Proprietorship.
Could you put them in the same LLC? Sure. The question is whether you are okay with each being liable for the other's problems. It would depend on the risks of each, like if one has employees and a lease while the other is a the photographer taking photos on location.
Why is it that the government only allow one EIN no. ? I tried to apply for another EIN to set up a new LLC. I should preference that I already have an LLC for a different type of business.
The IRS only allows one EIN per day via their online registration platform. But you can apply for a second EIN for the second LLC on a second business day. I assume they have that rule because they had a bot problem.
Great video! My question is…i have a baking business and travel & event planning business. Would it be best to do one or 2 separate? Also if i keep it under one. Lets say yrs later i open a store front bakery would it need to be separated then? Ps this is why i choose to go into healthcare because this is confusing lol
Assuming they have the same ownership, you could keep them together. The main issue is that each is responsible for the other -- so if someone trips and falls in the bakery and it gets sued, then the event planning business is liable.
great video and great info. i have a question that maybe you can answer for me. if i had an LLC for example CeesSportsCards LLC, and then a youtube channel with a different name and an instagram with a different name all for the same business and all using that same LLC bank account. is that okay or do i need DBA's for all my social media names if they are a bit different?
If the YT / Insta have different names and you don't have or want to have the LLC name on them anywhere (description, about, etc.) then you'd want a DBA to "put" them inside the LLC. But if you include the LLC name somewhere on each social media / website, then I'd probably not worry about the dba.
@@ElizabethPW thank you so much for this response its very nice of you. So if i got DBAs for the youtube and instagram pages would they have to be taxed separately or can they all get taxed through the sports card LLC. meaning the youtube and instagram are all doing business for the ONE sports card company the LLC is made for
Hi Elizabeth, great video! Everything seemed to make sense; however, I have two projects I am working on and deciding whether to group them under one LLC. One is a virtual assisting/marketing consulting business and one is a frozen yogurt pop-up bar. Do you think they are too different to group under on LLC? Thanks in advance for your insight :)
Hi - well it is not about them being different. It is that each is liable for each other - the consulting biz is liable for the yogurt biz, and vice versa. The yogurt biz has some extra risks via people eating and perhaps employees.
Hi Elizabeth , Nice to see your video. How I will create multiple business under One LLC ? do I also need Multiple sales Tax number for my all Business or only One sales tax number for my all business under One LLC ? Please reply with example. Thanks Rashid
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You could also run the extra project as a sole proprietorship, which occasionally makes sense if having them under one LLC is not feasible. Here's a video about sole prop vs LLC: ua-cam.com/video/5ClAJYWTLRA/v-deo.html
Thank you for the video! What do you think if one business is services and the other is retail ?🤔
@@ElizabethPW thank you so much.
You literally answered my most pressing question which was do I need to form multiple llcs, within the first 30 seconds. The rest of the video is straight TEA. Highly recommend this video for anyone first starting out!
Great to hear!
You answered my questios in 5minutes! You rock!
Great to hear!
You made this so clear. For growth, I'll start with a DBA, then make it a separate entity. And consult an atty. Thank you!
Welcome!!
Your channel is the best, I highly appreciate the time and effort and all the advice you give , Thank you
Great to hear, thanks!
This is the best video I've seen awhile. Concise and straight to the point.
Glad you found it helpful!
I love it! Plain, and simple, and most important, extremely informative. Thank you!!!!
Great to hear!
THANK YOU SO MUCH FOR THIS VIDEO!!!!!! YOU ANSWERED ALOT OF MY CONCERNS.
Great to hear!
exactly what I needed to know. Thank you very much
Great!
Thanks for the great insights on DBA
This has been a head scratcher for me for a while. Thanks for the clarity! Btw no one else seems to be doing such videos so than you again!
You're welcome!
This helped very much I had a spinal cord injury a couple years ago and since then I’ve had 4 different 1099 jobs along with short time w2 positions and never remembered registering more than one business. My tax guy always mentioned something about it but he must’ve just grouped them together because he still ended up giving me a decent refund/net 0 after my expenses.
I just asked this question in another one of your videos not knowing you had this video! Lol Thank you so much for covering sooooo much important questions and being so informative! You really are a great help!
Great to hear!
what about operating agreements as a single member LLC? One part of my business deals with travel (uber) and another part would be with government phones.
This is very clear and informative also. Thank you so much for your help.👏👏👍
Glad it was helpful!
This is a great video that gave me a lot to think about while muddling around with the idea of starting an LLC for various projects. Thanks for creating this!
Glad it was helpful!
Very clear and helpful! I will definitely use this info!
Great to hear!
Thank you for the amazing channel.
Welcome!
Brilliant! Clear and concise. Simple to follow for a simpleton like me. Thank you!
You're welcome!
Great content! Your videos are clear and concise and I appreciate that. I am starting tiny unrelated projects and would like the flexibility of my LLC to be set up so I can pursue those projects small and then decide if they need their own LLC. How would I complete the question on the CA Statement of Information form where it asked for a brief description of my LLC? Thanks for any tips you can provide!
Hi Linda, thanks I'm glad you found the videos helpful! Hm in the brief description I'd put something general that covers it all (like consulting or internet sales) or just list the first couple areas you plan to pursue.
Omg you helped me so much with my startup business thank you!
Great to hear!
Always the best info. Thank you 😊
Welcome!!
This is an awesome breakdown!! I am looking into whether owning a second LLC is feasible Thank you!
Glad it was helpful!
Great video! Finally a clear overall explanation and what to think about when trying to form an LLC. I had a more specific question. I am going to open an Etsy and Amazon business for digital art/ print on demand books which I feel I could do under the same LLC because it’s similar items and also I’m the only employee. But I also wanted to open another Etsy business selling cake decorations out of fondant. Would you suggest opening different LLC? I want to make this as easy as possible because I also have one other hurdle which is that I move around every two to three years because of my husband job. So I’m lost as to what would be best. Thank you!
If the most impt thing to you is simplicity, then one LLC is best. Selling a consumable food product is a more risky business than art/books, so make sure to get insurance to cover that, and consider spinning it off into its own LLC once it is making money etc.
Thanks for this video. I have a lot of side hustles that I’ve been doing and so new to it and at the same time have a corporation but not 100% sure if I can use this corporation for all side hustles and watching this video really helped me. Thank you
Glad it was helpful!
Super awesome video you answered all my questions! THANK YOU👊🏻
Welcome!
Thanks again! Glad I found you
Welcome!
Subbed instantly thank you for this free game
Exactly the information I was looking for..👌🏿
Glad I could help
Thank you so much for this information 🙏
Welcome!
Awesome info. Thank you.
You bet!
Thank you for the clear explanation on LLC pros and cons. I happen to own all 3 businesses with my partner so it sounds like I can pull them under 1 LLC. I'm most curious about the graphic design business 1 of 3 and how it might help server the other two businesses (physical product and digital product biz). Obviously business 1 does all the design work for businesses 2 & 3. Curious if this is what you were alluding to in terms of how it could "serve" the other businesses. If it does serve the others, should I then structure this outside of the LLC? Appreciate your insight!
You may want to talk to a tax person if it would be beneficial one way or the other
Wow finally came across something that could potentially answer some of my questions! This is very well structured and clear. Brand new to this channel. Will look at other videos. Which state do you practice in?
Great to hear -- I'm in California
Awesome, this helped. thanks a bunch!
Glad it helped you!
Thanks for the info we’re appreciate you
Thanks and welcome!
Wow I just found you! 🌼Thanks so much for making this video, so helpful. Yes I do have a question: Can you split the businesses up later into their own LLC's with their own EIN numbers fairly easily? As in, for now, if I am testing out a few different businesses and don't want to go through the LLC forming as you mentioned can it wait to see what business actually works?
Yes you can split it up later. Hm how easy it is depends on how much you keep everything separate -- it is more "hard" from a logistical perspective. For testing, it can be great to run those projects from one LLC, saves a lot of money
@@ElizabethPW Okay that is great news, thank you so much for responding Elizabeth ❤
Thank you so much for the info can you do a video on a C-Corp?
Great suggestion!
I started my LLC to begin a clothing brand, but I also do ecommerce on the side (selling on marketplaces such as eBay, Amazon, and Facebook Marketplace) and am considering going into the rental industry with Turo. While for Turo Im leaning on creating another LLC anyway, is this a situation where I can do all these under one LLC seeing as they are widely different industries?
Yes you can have them all under one LLC. But also it is common to have property / rentals in a separate entity, for liability reasons and tax reasons. A good idea to talk to your tax person about that.
Great Job!
Thanks!
Thank you for your LLC videos.
They have been very helpful.❤
What are your views on the Corporate Transparency Act that will take effect on January 1, 2024?
Do you have any videos on it? 📺🤔
Not yet, but I do plan to do a tutorial once they have the system live
I just came across this account and I already love the content! I happen to need some advice. Of course when I make more sales I was debating on having A LLC of just designing stuff to sell. The main thing I can’t really make my mind about is having a freelance work ( writing, animation, photography) as a dba under that Selling LLC and having another Dba for a UA-cam channel under the same LLC. I want to have some liability when doing freelance work because I read stories if people getting sued. And I since I’m the only person in these three it would make sense for UA-cam to be there too. Should I make different LLCs for each one? It just seem like more expenses but I would do it if its worth it.
Yes the expenses can really get $$$ for multiple LLCs. For your freelance work, I recommend it is better to spend time/money on having a solid contract and just being picky about clients (look for low-drama work). Most of the time it makes sense to have everything under one LLC when it is just you, especially when it you doing the work (services, youtube, etc.). Occasionally I have clients who are very risk-adverse or who have large personal assets where they want to keep things separate to the max possible, so they are willing to spend the extra $$ on additional LLCs from the beginning.
Thank you. Straight and to the point.
Welcome!
AWESOME video. Thank you!
Welcome!
Thanks for the info!
You bet!
Ty for your help!
Welcome!
Hi! Appreciate your all your content. Very helpful!
Question on DBA setup - since DBA is at county/city level in California, where would you suggest I setup my DBA? For context, my LLC is setup in California. My registered agent is in Sacramento. My physical address is in Los Angeles but I sell solely online.
I'd get it from where your physical address is, so from LA County
Thanks for posting this, Elizabeth! Very helpful information. With that said, may I propose a scenario to you so I’m sure I understand what my best path may be? (Not that I’m giving you the option to answer first. Haha..)
If I create a business that provides a service, and a relative in another state started a business selling her art work, I presume setting up an LLC together would not be a great idea. Correct? Sounds like two separate business owners, products/services, and expenses does not make for an ideal scenario for a single LLC.
Sounds like if one goes down, we may both go down.
Thank you!
I recognize that this is more a matter of opinion, and it basically comes down to how risk adverse we may be, but I would like your thoughts on this. (Pretty please? :) )
One of the big issues with setting up a business with someone in another state, is you may end up needing to register in both states (form the LLC in one and register as a foreign LLC in the other) and file partnership tax returns. It makes things more complicated. Makes sense if you are in business *together* but if they are separate, probably easier overall to keep separate.
@@ElizabethPW Thank you for taking the time to get back to me on this! After watching your videos, and doing some supplemental research, I was thinking the same thing. When it comes time for taxes, it may be a mess to try to sort it out. That right there may end up being the primary show stopper with the shared LLC idea.
Thanks again, this was SUPER helpful as I think through all the details. …and thanks for all the great content!
Welcome!
that was really good information, let us know we need add a new ( 3. The general character of business) in this area? for information my new project.
Ah well it does depend on where you are filling out that info. For the state I'd just update when the new SOI is due. For something like a business license, you may need to update if there's a zoning/permit change due to the new type of business (but many cities are more about the fee than your business activities)
Thank you so much for this info! ...i have an LLC that operates as a lawn care business ....I downside tremendously on the lawn care side of things to less than 3 yards....my next venture I want to do is a dumpster rental business and would like to know if it's better to do my dumpster business as a dba or start it as and LLC ...looking for my dumpster business to be my bread and butter and my lawn care to be like a part time job. .thanks in advance
Hm, I'd think that a dumpster rental business would have a bit of risk, since you'd probably have to finance getting the dumpsters and there's a possibility of someone being injured because they are irresponsible with them. Obviously you want insurance but an LLC would help protect you from those risks
@@ElizabethPW thank you so much!
Love your videos
Thanks!
I appreciate your video so so much!!! Not sure if this will get to you, but I have an LLC for my travel agency business with just myself and not planning to add anyone else to the mix. But I am starting a beaded jewelry/tumbler business and want to see if I should just add a DBA name under my current LLC?
You could do that -- just be aware that the agency biz would be liable for the jewelry biz. If it is all just you, that can work fine.
Three monetized websites, and a merch store (cafe press). I will of course have to do occasional work updating websites and store. But mostly it would be passive income. (1) Should I list income type as 'passive income'? (2) Can I have all the websites and the store on the same LLC? Thanks in advance.
Not sure where you are listing it but probably “Internet sales” or similar. Yes they could be the same llc, as long as you’re ok with each biz project being liable for the other
Great video I really appreciate the help 🙏👍🏾
Glad it helped!
Hi Elizabeth,
Thank you for making this amazingly informative video. I am going to open a coaching business which includes (coaching clients, self paced courses, podcast, and print on demand merch) and I am also opening an online e-commerce store which will be seasonal pre order collections to minimize cost and waste.
I am so confused as to whether I should open them both as DBAs under one LLC, Separate Sole proprietor DBAs, or open the e-commerce store as an LLC and the coaching company as a separate sole proprietorship not involved with the LLC.
I would greatly appreciate any and all advance as well as directions as to what would be the most reasonable for my situation.
Well first I'd say it is important to not get stuck -- you can change it later as you launch the businesses and realize what makes more sense. Look at the money/time costs of setting up and managing them as two separate LLCs (or one LLC plus one sole prop) and see if you can handle those expenses, at this point. The most inexpensive and simple way is to start as two sole prop DBAs, and then spin them off to LLCs later once they make more money (and you see if they work).
@@ElizabethPW Hi Elizabeth, thank you so much for responding to my comment and giving me great ideas to take into consideration and give more thought to. I appreciate you. 🙏🏽💙 Have an amazingly awesome 2022! Sending you positive and prosperous vibes. 🧡🦋
Welcome & thank you!
Thank you for this. So for me I am into Personal Finance literacy Coaching, and now a Hair bonnets business, both startups and think if it's OK to register as one LLC?
It may make sense to have them both together in the beginning, to save money, if both businesses are just you. Make sure to get insurance too
I have a LLC for a bookkeeping business. My husband want to create a T Shirt business so can I do that under same LLC?
You can -- just be aware that if you did, each business is liable for the other. So for example, if the t-shirt business goes into debt, then your bookkeeping business has to pay off the debt.
@@ElizabethPW Good after loved the video very informative. I am new to this, just open an LLC in January. Im in the process of building a website that will provide tourist information for my area, build an audience and then monetize it. Is there any other videos in your channel that I can watch to understand this concept better, i need to know if i should do it as a DBA or an LLC but I dont know how to go about it. Thanks i subscribed to your channel
If we have multiple DBAs under ONE LLC, then how does the annual reports work? Will there be a report for each individual DBA, or just for the owner LLC?
Your annual reports and tax filings will be one filing for the owner LLC
Thank you, Elizabeth! What business industry would I choose in the case of having multiple projects under one LLC? Would I choose "Other" since there are multiple projects? For example I have my online teaching, online product, and UA-cam channel.
Right it depends on what form you are filling out. Sometimes they let you put multiple things. Generally though if I can only pick on thing, I either put the project you will launch first or if there are services & physical products, I put physical products (because products tend to have the most specific rules).
Thank you!🙏🏼
Hello Elizabeth,
Great video and great content all around. I had a more personal question to my situation is should I put my fashion brand and my custom apparel and items business together as they share the same business idea. Buying apparel and goods without sales tax, reselling for more and making profit. Just confused since one is for my personal brand and the other company is helping other business with the promotional marketing aspect of their business. Hope this isn’t confusing. Thank you!
It really is about whether you are comfortable with the risk of each business being liable for the other. The fact that they are similar businesses and may share overlapping expenses does lean towards having them together.
Thank you Elizabeth! If I form a single-member LLC and then have two DBA's (one for my remote office assistant work and one for selling my mixed media art would I be able to file those on the same taxes even though the NAICS and SIC codes are different because they are different industries? Also, I would need to hire one sub-contractor maybe 8 times a year to assist me at fairs (loading and unloading and watching the booth during my breaks). Thank you!
If the two businesses are run totally separate financially (different bank accounts, expenses, etc.) then you'd use two schedule Cs. But it is not about whether they have DBAs -- it is about if they are run separately.
@@ElizabethPW Both DBAs would be part time and run from my home office. In the beginning they aren't guaranteed to make a significant amount of money, so I was hoping to run everything under one umbrella if that is advisable.
Both would using the same utilities, same business computer, same office supplies, registered agent, and software subscription programs like Adobe, MS 365 etc. I assumed I would report these by % of use.
The difference would come in terms of equipment and supplies that the art business would incur, that the office business wouldn't. Like a tent, table, displays, linens, different advertising, prints, vehicle expenses, art supplies.
So I I was just trying to understand in the eyes of the IRS if they are in two different industries, two different set of clients/customers/buyers if I am allowed to operate them under one umbrella or if I'm required to run them separately, resulting in having to get two of everything that is used to run the business in terms of in the home office space.
Does that make sense? Thank you for your assistance!
Hey Elizabeth, I can appreciate how busy you are answering questions here on your VERY helpful videos. Thanks to your videos I have cleared up my confusion about different businesses under one LLC: It is (mostly) about them being liable for each other. Roger roger. As I am new, I have no issue risking multiple (different) business ventures under one LLC to START. My question is: once I have become more established for each venture, would it be all that difficult to form a different LLC and transfer a business entity out from my first established LLC, to a newly formed one? My thought is no, but you are so helpful - thought I'd take advantage of your immense knowledge on the subject before spending 20hours researching for it myself. :) Any help is appreciated. Cheers, AS
Yes you can - it is more of a practical difficulty, in the sense that every part of that biz needs to be separated. Like if you use one hosting account for the two websites, the spin-off biz will then need its own hosting account and you need to transfer that website over to the new account. Etc.
@@ElizabethPW Amazing, thank you. I'm getting used to doing a little leg work for the greater good. I appreciate the fast and very helpful response. Subscribed, liked, and bookmarked. Appreciate you.
What about parent companies? LLC taxed as S crop. But I think I want to start Parent company or management company LLC.
A parent company is just one company that owns other companies. Many times this is done to get pass-through taxation.
Thank you for the informative video. Should my projects have different DBAs and EINs under the LLC or should they all share the one EIN of the LLC?
If they are under the same LLC then they'd have the same EIN. But they can have different DBAs.
Hi Elizabeth, I just came across your video. Love the content and super helpful. I'm currently in the process of creating a small business yet I have multiple projects that I want to do such as Website developement, Branding, Decor and possibly interior design services in the future. What will be the best route for me? Any tips?
For many people just starting out, with multiple projects (especially services), they put it under one LLC and then can later spin one or more off into its own LLC, if that makes sense
Wonderfully informative video! If I have a bunch of businesses within 1 LLC and one of them gets big and I want to make it it's LLC, is it possible to do later on?
Yep you can spin off that business into its own LLC
@@ElizabethPW Thank you for taking the time to answer! Sorry, one more question: To create an LLC I've been reading that in addition to asking a tax consultant like a CPA if it's a good fit for your situation, you should go to a lawyer to make sure it's legally all good as the final step before submitting? Do I go to both CPA and a lawyer? Who would be the professional that would do the submitting (the CPA or lawyer)?
Some CPAs will do it, but usually it would be an attorney who would submit. A lawyer can help make sure you do all the steps you need, like having an Operating Agreement and other implementation steps.
Hi Elizabeth - Great summary here! I have an LLC with two enterprises. One is a service and the other is a product. I would like to brand each one and setup separate divisions for each, but per your video here, I'm fine with keeping it all under the one LLC. Does it matter if I just set these two enterprises up as divisions of the LLC with separate names (i.e., "Company B, a division of Company A")? Or if I set them up as "Company A d/b/a Company B"? Is this the same thing or is a division different than a DBA? Thanks.
Divisions are not really legal entities -- it is just a business decision to name something how you want. A DBA is when you are using a name in your marketing/branding that is different than the legal name of the entity (the LLC), so most likely if you are branding as Name A and Name B and the legal name is Company LLC, you will need DBAs for each Name A and Name B (assuming DBAs are required in your state).
Thank you for this information Elizabeth. If you have multiple a single member llcs in California, do you have to pay a franchise tax for each llc?
Yes the $800 fee is per LLC, not per owner
Great video thank you!
Glad you liked it!
thanks that makes sense
Hi Elizabeth I found you online a few months back. Thank you for your advice on setting up my LLC which I did with Registered Agent. However, I have a question about my LLC account...typed it in and ran into your lovely video. What I'd like to know is can i transfer money from one llc account to another (same LLC) legally? In other words, I have an operating account under the same business LLC but it's the Marketing account I want to transfer money to. I've searched high and low and cannot find the answer to this question. Your advice would be much appreciated. 🌼
If the two accounts are for the same LLC, yes you can transfer - it’s all the LLC’s money
Thank you for your great work! Your videos helped on multiple occasions! May I ask your advice on c-corp. We have a c-corporation that is a parent company. We want to open a subsidiary c-corporation that will provide multiple services, like consulting, physical product sales and also have an insurance agency under the same subsidiary. How to properly register it? Thank you!
Hm so you need to first form the corporation with the state, and then you need to execute IRS forms for it to be a subsidiary of the other company. I recommend speaking with your accountant to tax preparer about it, to make sure it gets set up correctly.
@@ElizabethPW Thank you so much! Yes, meeting with the accountant is on the list. Thank you again!
I formed a ein under a sole proprietor some time ago. But now I'm ready do something new so I need a llc so should I just apply for a llc? Im sure I can't use my old ein.That's sole proprietor and it's strictly a rental business. This is more
Right if you form an LLC for this new project then you'd get a new EIN for it (and not just use your sole prop EIN).
Thank u for this information question, are there any possible restrictions that may vary per state other then a “foreign qualification” certificate?
Hm I'm not sure of your exact question, but there could be a number of things different from state-to-state, like some states require special licensing for certain industries, some don't allow certain industries, etc
@@ElizabethPW Thank u so much!
Hi Elizabeth. Thanks for sharing this info. My question is…. I have a small food business with business account etc. I’m looking to start a different business with a new name but want it connected to my main business name/accounts. What would you advise?
If you want it connected, you can either have it just be a DBA under the LLC or you can create an LLC that's owned by the other LLC. Which makes sense may depend on how you want the taxes to work - check with your tax person / accountant about that
@@ElizabethPW Thank you
Hi, can you talk about incorporating also about inc or Llc for services and non profit organization or business for a small services company
For info about non-profits, check out www.fplglaw.com/ and here's a video about LLC vs Corp ua-cam.com/video/M2rD-wUcCrc/v-deo.html
Thank you so much Elizabeth,Super informative. Question. I currently own an s corp that reports income from the hair salon I own. I would like to open another, different business. Since I already own the s corp and the intuit payroll system that processes my w-2s , can the same EIN number from my intuit payroll service pay any new employees of that new llc? When the s corp can own multiple llc. Thank you so much.
So the new LLC would have it's own EIN, so it would have its own payroll. Now you could have the LLC contract with the S Corp to provide staff and then have the staff be employed by the S Corp like the S Corp is a temp worker provider ... but that might be more trouble than it is worth.
Just what I needed! Quick question .. if you plan to have a few different projects under one LLC I assume you would name your LLC something pretty general, can this name be changed later? Or can would I need to make a whole new LLC?
Yep you can change the name - you just "amend" the LLC to change the name
Thank you so much your video was great. New sub here 🥳
Quick question how do i have bother under the same LLC? Get EINs for each? 😬 I would like a consultation if possible.
Only the LLC would have an EIN but typically you have DBAs for each business. Check out my Quick Calls here if you'd like a consult: www.elizabethpottsweinstein.com/15-min-quick-call/
Thanks for the knowledge! Could you please review my question and provide your suggestion?
I have an LLC "A" which does IT consulting (taxed as S-corp). I have another LLC "B" (sole proprietor) which I use for my real estate leasing. I'm the only owner of both "A" and "B". I want to put my children on payroll. To do this, I want to use LLC "B" as the FMC (Family Management Company) for LLC "A" and run their payroll from LLC "B". Does this make sense?
Usually an S Corp cannot be owned by an LLC (S Corps can only be owned by certain types of owners) but they can be owned by an LLC that is taxed as a sole proprietorship. Here's an article that talks about that: www.calt.iastate.edu/article/single-member-llc-can-be-s-corporation-shareholder So in that case, you could set it up that way, but if you brought in another owner to the LLC then it would no longer work.
Great informative and engaging video! I own a bridal hair and makeup LLC. I just started a you tube channel I create videos for mature women beauty needs. Would it be beneficial to keep the two projects separate?
Well just be aware that each of them is liable for the other, so you need to be okay with that
Good morning elizabeth, hope all is well. My one question that I have is if I have one company that is flipping houses and one company that is buying an apartment complex . do you think it is best or not to have them under one LLC, or should I separate the two, even though they are in the same category. Thanks
I'd put them in separate LLCs to keep the assets protected from each other
Hello, thank you for the information. My question has to deal with real estate, if I want to do real estate in different states is it best to have an llc for each state or am I able to just make one llc in my home state and venture out to other states without having to make a new llc for each and every additional state? What would you recommend?
The highest level of asset protection is to have an separate LLC for each property, so one property is not liable for the other property if something happens. Could also have an LLC that owns all of the various LLCs under it
Great informative videos. I have a question still planning on the domestic LLC in WY for asset protection/privacy. Should I setup foreign LLC in IA SCorp IT consultant single person and foreign LLC in TX for the rental(planned to add few in future). I am thinking one EIN and 1 Bank account for WY requires more book keeping. Or should I setup IA LLC, TX LLC with its own EIN and bank account for more clear book keeping and structured.
If they are all in the same WY LLC (with just foreign LLC filings), they are all liable for each other. You may not want to do that with a large asset like a rental property -- you may want to keep large assets (and large liabilities) in their own LLC.
Hi Elizabeth, just ran across your video. Great content, Thank you for explaining so well. Have been looking for sound advice on this for a while. I definitely subscribed. I have two projects in the planning stages a pressure washing business and an online candle business. The candle business will probably come after at some point but not too long. I will be the only person working for both. Side income low scale to start. I was thinking about staring a general LLC and having those under the LLC. Advise on having those particular projects under the one llc as dba? what would I select for the LLC business type as the projects are different? once registered, I can promote the DBA's as separate websites and traffic by themselves without including the LLC? I understand from below I can accept client and customer payments to them individually but it would go to the LLC correct and one account for taxes as well?
Yes you can do both under the same LLC - it is just that either is liable for the other. Yep the LLC itself would have the assets/debts & income/expenses & taxes. You'd get DBAs for each that are owned by the LLC. I do recommend having the name of the LLC in the footer of the website & in any contracts/terms, so people are actually aware they are doing business with an LLC.
My question is can l use one llc to have a clothing line, mentorship/sports camps businesses?
You can, but those are so different businesses with different risks / assets, might not want them to be liable for each other. If you do it then make sure to get insurance for each biz line
Thanks for this video! Question, I'm a Real Estate Investor, have a ATM, and Mobile Notary business. Do you think it is okay to have all of these under one LLC?
Hm I'd think about whether real estate should be separate, because that's a huge asset(s) that would be liable for any debts/lawsuits from the other two businesses.
I appreciate you and your channel and still doing the research to understand what it is I need to do for my multiple businesses under one LLC that is a 50/50 partership. And what to do in a situation where you have other projects and a different kind of business. ( one is a cleaning company that is the shared business and the other 3 business are eco fashion and mudic and arts and craft business that has a separate website. So I'm wondering if I should file a separate LLC so it's not complicated for taxes under the partnership business and if then i would have to include my 50/50 partneror if that makes sense or not and maybe would help me as far as taxes goes or hurt me. Maybe I need to speak with a lawyer so I'm not making it or thi king so complicatedly.Would most appreciate your advice!!
So if you have the 50/50 LLC own other LLC businesses, then the 50/50 partners would own those businesses. So if you want them to be separately, youd have them in a free-standing LLC. You may also want to talk to a tax person to make sure the money and taxes is how you want
Awesome content! Thanks for making it!
Quick question for ya....I have a lawn care business and am looking to start a home organization business as well. Is that worth putting under the same LLC? Or make separate?
It really depends upon whether you want them to be protected from *each other* or not -- if you are doing all the work yourself, may not matter much since you have control over your behavior. But if you have employees for both/either, then that's an additional risk.
@@ElizabethPW gotcha! As of now yes, it's only me!
@@ElizabethPW but.....I do eventually want employees for the lawn care business!
@@ElizabethPW sorry to bug, but probably best to separate both if I want to sell off a business in the future huh?
You can spin it off later, but if you are sure that you are going to sell or bring in business partners, then yes it might make sense to do it to start. Also yes employees is the other factor
Do you have a video about how to structure a LLC to be owned by another LLC or is that possible ?
Hm not yet but generally you just have the owners be the other LLC(s). The main thing is you typically have it be manager-managed so a human is running it.
Hi and Thanks for all the info, very helpful! My question is if I have an LLC holding company in Wyoming and I have an LLC operating company in Texas do I need an EIN # for both or could I set up separate bank accounts, etc with 1 EIN#, Thanks in Advance!!
I assume that the Wyoming LLC owns the Texas LLC? You'd still have two EINs with two bank accounts & accounting, but you could have the Texas LLC be "pass through" to the Wyoming one, from a tax perspective. Ask your business tax preparer about that.
Thanks for the reply! And yes that’s exactly how I have my LLC’s set up, so would I need 2 different EIN# or 1 would be fine?
Right each LLC would have its own EIN
My part time job is looking to move the Part Time employees from W2 to a 1099. I'm thinking this may be an opportunity and it may be beneficial to start an LLC, and have them pay the LLC. I'm just not sure if the way I am understanding this will actually work.
Hm yes it may make sense to start an LLC - it depends on your overall goals for this gig that is now going to be a business
@Elizabeth Potts Weinstein I hold a certification in the same field for educating customers about the products. I was thinking of starting the LLC as an "education and consulting " business. I can offer the service to other businesses, and be able deduct expenses. The payments from the job would be the main income for the LLC, but the extra stuff could supplement, and being able to deduct expenses would help to offset the extra taxes. I don't want to get too specific on open forum.
That makes a lot of sense
Hi thanks for your content. Is it possible that one LLC pays out another LLC? How would you do taxes for that?
Yes if one LLC owns another the subsidiary LLC would pay the owner LLC (just like it would pay any owner). The taxes would depend on the tax status of the sub LLC and the owner LLC -- they could be pass-through to the ultimate owner (if a single owner who has the owner-LLC taxed as a sole proprietorship), a partnership, or an S Corp, for example.
@@ElizabethPW Thank you so much for your response.
If I have 2 photography businesses, one is Boudoir centric and my other is Portraits and headshots should I put them both under one LLC? Currently one is an LLC and one is a Sole Proprietorship.
Could you put them in the same LLC? Sure. The question is whether you are okay with each being liable for the other's problems. It would depend on the risks of each, like if one has employees and a lease while the other is a the photographer taking photos on location.
Why is it that the government only allow one EIN no. ? I tried to apply for another EIN to set up a new LLC. I should preference that I already have an LLC for a different type of business.
The IRS only allows one EIN per day via their online registration platform. But you can apply for a second EIN for the second LLC on a second business day. I assume they have that rule because they had a bot problem.
Great video!
My question is…i have a baking business and travel & event planning business.
Would it be best to do one or 2 separate?
Also if i keep it under one. Lets say yrs later i open a store front bakery would it need to be separated then?
Ps this is why i choose to go into healthcare because this is confusing lol
Assuming they have the same ownership, you could keep them together. The main issue is that each is responsible for the other -- so if someone trips and falls in the bakery and it gets sued, then the event planning business is liable.
great video and great info. i have a question that maybe you can answer for me. if i had an LLC for example CeesSportsCards LLC, and then a youtube channel with a different name and an instagram with a different name all for the same business and all using that same LLC bank account. is that okay or do i need DBA's for all my social media names if they are a bit different?
If the YT / Insta have different names and you don't have or want to have the LLC name on them anywhere (description, about, etc.) then you'd want a DBA to "put" them inside the LLC. But if you include the LLC name somewhere on each social media / website, then I'd probably not worry about the dba.
@@ElizabethPW thank you so much for this response its very nice of you. So if i got DBAs for the youtube and instagram pages would they have to be taxed separately or can they all get taxed through the sports card LLC. meaning the youtube and instagram are all doing business for the ONE sports card company the LLC is made for
Hi Elizabeth, great video! Everything seemed to make sense; however, I have two projects I am working on and deciding whether to group them under one LLC. One is a virtual assisting/marketing consulting business and one is a frozen yogurt pop-up bar. Do you think they are too different to group under on LLC? Thanks in advance for your insight :)
Hi - well it is not about them being different. It is that each is liable for each other - the consulting biz is liable for the yogurt biz, and vice versa. The yogurt biz has some extra risks via people eating and perhaps employees.
Hey nice content I want to flip homes and rent out exotic cars can I do that with one llc and get funded for both
Hi Elizabeth , Nice to see your video. How I will create multiple business under One LLC ? do I also need Multiple sales Tax number for my all Business or only One sales tax number for my all business under One LLC ?
Please reply with example.
Thanks Rashid
Generally, if you have one legal entity (the LLC), it will be the one with the tax ID number, even if you have multiple business lines under it.
What would be the NAICS code for an LLC that has multiple business?
Just pick the primary or main one (typically the one where you are making the most money, the focus).
Could I do this for a shopify dropshipping businesses? And what kind of llc would I have to set up for this?
Yes generally a drop-shipping business can be an LLC. Not sure what you mean by what kind of LLC?