How To Start A Business As A Single Mom

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How To Start A Business As A Single Mom – You have amazing ideas for new business. You’re ready to incorporate to protect yourself and your personal assets, and you’ve decided it’s time to take the next step and form an LLC for your various ventures. The question then turns to: What kind of business activities can I do with my LLC? How many different companies can I operate under one LLC? Should I install DBA? Should I form a separate LLC for each project? Will a series LLC work for me or should I stick with multiple traditional LLCs? It is now common knowledge that Delaware is the gold standard when it comes to forming an LLC, LP or corporation. A Delaware LLC is the most popular type of entity for most startup entrepreneurs. This is why people often ask if they can operate multiple LLCs under one LLC holding company. Organize multiple businesses under one “umbrella” LLC. For example, suppose a business owner’s trucking company is incorporated as an LLC but after some time may want to offer real estate services as well. These are two completely different types of businesses, which begs the question of whether an owner can provide both services under one LLC. Of course, part of the consideration is to avoid the added expense of maintaining another LLC. The answer is yes – it is possible and acceptable to operate multiple businesses under one LLC. Many entrepreneurs who choose to do this use a “fictitious name statement” or “DBA” (also known as “doing business as”) to operate another business under a different name. However, just because it’s allowed and possible to operate multiple types of businesses under a single corporation (LLC or corporation) doesn’t mean you can, as there may be drawbacks. For example, if a lawsuit is filed against a company, the property of others may be at risk. The result is that you put yourself at greater liability risk. In other words, if one of the parties (the companies) in an LLC is liable, the entire LLC may also be liable. As the old saying goes, “Don’t put all your eggs in one basket.” Instead, many people choose to file a new LLC for each of their startups. It isolates risk by separating the debts and liabilities of each company. Think of individual units that help put together a large brick wall within each LLC. Of course, there are additional maintenance fees, but they can protect your business and provide the peace of mind that an independent LLC will provide. What about Series LLC? Some people look to low-cost series LLCs when they want to operate several different businesses, which are very attractive because there is only one annual Delaware state franchise tax payment and an annual registered agency fee. However, the structure of this business entity is relatively new and unproven, so many hurdles are often encountered when dealing with series LLCs. Many service providers, banks, lawyers, accountants and other companies are still not familiar with this series. It often takes time to explain the concept of the series and get approval for necessary documents, for example, from the bank’s lending arm. It is generally considered safer and wiser for individuals to keep their business operations completely separate from each other by forming LLCs for each aspect of the business; Essentially, what you are doing is creating a Delaware LLC as a holding company, which contains, but is separate from, the other individual LLCs. Separate LLCs for Separate Businesses To this day, the battle-tested practice of creating separate LLCs for each type of business is still the strategy recommended by tax experts, lawyers, and business consultants worldwide. . This means that for each area of ​​business, each product line, each service provided, each piece of real estate held, clients often consider creating a separate, traditional LLC. By doing so, ensure that the assets, liabilities, and obligations of each LLC are completely disconnected and shielded from each other in the event of potential litigation. When setting up multiple LLCs, developing a hierarchy that matches the respective LLC relationships can be very helpful. For example, people often set up multiple LLCs for real estate development. This foundation has a single parent LLC at the top of the hierarchy—let’s call it ABC Holding Company, LLC. Then people typically form multiple sibling LLCs, one for each piece of real estate—let’s call them ABC Real Estate 1, LLC; ABC Real Estate 2, LLC; and ABC Real Estate 3, LLC. Each LLC may own, manage and manage property; Therefore, while all LLCs share the same holding company – ABC Holding Company, LLC – and may have the same structure, ownership, assets and liabilities, they are separate and protected from each other to protect each individual’s assets and resources. LLC. It’s also considered a smart, strategic way to protect your personal assets from your LLC. If you need more information or have questions about starting your own business, please contact us by phone (800-345-2677), Skype (), email or live chat. One of our knowledgeable business startup experts will be happy to assist you. Next: How to create and use a DBA

*Disclaimer*: Harvard Business Services, Inc. Not a law firm or accounting firm, and whether the author is an attorney or tax professional, nothing in this article constitutes legal or tax advice. This article provides a general commentary and analysis of the topic covered. We advise you to consult an attorney or tax professional for legal or tax advice specific to your particular situation. ANY ACTION TAKEN OR NOT TAKEN BASED ON THIS ARTICLE IS AT YOUR OWN RISK. If an article refers to or links to a third party source or website, Harvard Business Services, Inc. is not responsible and makes no representations about the content or accuracy of this resource. The views expressed in this article do not necessarily reflect the views of Harvard Business Services, Inc.

How To Start A Business As A Single Mom

How To Start A Business As A Single Mom

I have an LLC and was thinking of opening another business unrelated to my first business. I believe I can apply for DBA and this profession is under first. However, I thought about keeping them separate by mono’ing them and then getting an EIN for the second transaction. How do I get a “dba” business name for a sole proprietor? The only way to register a DBA business name is to register it under another entity or My LLC.

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Thanks for reading our blog and your questions. Generally, for each separate entity, you’ll file a separate LLC so you don’t have all your eggs in one basket. A representative from our office will be in touch to provide you with more information and help answer any questions you may have.

Hi, I own four properties. By the way, they can advise which type of LLC they recommend. I am also going to buy property in a neighboring state do I need to form another LLC in that state? Thanks Stephanie

Thanks for reading our blog and your questions. We will be happy to assist you with your query and will be in touch soon to assist you further.

Hello, Many thanks for the article. I am planning to start a laundry as an LLC and hope to get a lot. However, I also have a DBA in the works. I can use the DBA for banking purposes as an LLC but each potential laundry has its own LLC separate from the DBA. Or do I need to have completely different accounts for each company under an individual LLC?

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Thanks for reading our blog and your questions. One of our representatives will be happy to get in touch with you to help explain all this in detail.

Hello, my name is precious. Thanks for the article, really insightful. I currently have a business that provides services but I am planning to set up another business related to products, would you suggest that I register a trademark for all my businesses or should I open an LLC for all of them and the businesses parent? company?

We will be happy to contact you to discuss your questions in more detail. One of our representatives will be in touch shortly.

How To Start A Business As A Single Mom

Hi I found your website very informative. My question is that I have formed a limited company which is becoming a non-profit organization. A good friend wants to start a profitable business unrelated to my original business, but he asked me to start a for-profit business under my new business. Should I as parent llc Inc and subsidiaries or should I

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