What Do I Need To Get An Llc – You have great ideas for new businesses. You’re ready to register to protect yourself and your personal assets, and you’ve decided it’s time to take the next step in your various endeavors and create an LLC. The questions then revolve: What kind of business can I do with my LLC? How many different businesses can I operate under an LLC? Do I need to set up a DBA? Do I need to create a separate LLC for each project? Would a series LLC work for me, or should I stick with a more traditional LLC? Today, Delaware is known as the gold standard for forming LLCs, LPs, or corporations. A Delaware LLC is one of the most popular companies for many entrepreneurs starting a startup. As a result, people often wonder if it is possible to run multiple LLCs in a single LLC holding company. Formation of several companies under LLC “Umta” For example, let’s say that the owner of the company has created a freight company as an LLC, but after some time he may want to provide real estate services. These are two completely different types of businesses, so the question arises whether an owner can provide both services under an LLC. Part of the consideration, of course, is the desire to avoid the additional expense of maintaining another LLC. Answer Yes – It is possible and permissible to operate multiple businesses under an LLC. Many entrepreneurs who choose to do this use what is called a “fictitious name statement” or “DBA” (“Doing Business As”) to conduct additional business under a different name. However, just because different types of businesses are allowed to be run in one corporation (LLC or corporation) and may have drawbacks doesn’t mean you should. For example, if one company is sued, the assets of other companies may be at risk. As a result, you are exposed to a greater risk of liability. In other words, if one part of the LLC (a company) is liable, the entire LLC is liable. As the old saying goes, “Don’t put all your eggs in one basket.” Instead, many people choose to register a new LLC for each of their new businesses. This isolates risk by separating the debts and liabilities of each company. Think of individual entities that help create a huge brick wall between each LLC. Of course, there are additional maintenance fees to pay, but they can be worth it to protect your business and give you the peace of mind that an independent LLC can afford. What about a Series LLC? Some people explore the low-cost LLC line when they want to operate several different businesses, which is very tempting since there is only one annual Delaware franchise tax payment and one registered agent annual fee. However, since this business entity structure is relatively new and untested, there are many hurdles when working with a series LLC. Many service providers, banks, lawyers, accountants and other companies are still unfamiliar with the concept of series. It often takes time to explain the grade concept and get approval for the necessary documents, for example from the bank’s lending team. It is generally believed that it is safer and wiser for individuals to keep their business activities completely separate from each other by forming an LLC for each aspect of the business. Basically what you do is create a Delaware LLC as a holding company and other separate LLCs inside but separate from it. Separate LLCs for Individual Companies The current practice-tested practice of creating separate LLCs designed for each business option is still the most recommended strategy by tax professionals, lawyers and business consultants worldwide. . This means that for each line of business, for each product line, for each service provided, for each property, clients will often consider creating a separate, traditional LLC. This ensures that the assets, debts and liabilities of each LLC are completely disconnected and protected from each other in the event of potential lawsuits. When creating multiple LLCs, it can be very helpful to develop a planning hierarchy that matches the relationships of the respective LLCs. For example, people typically create multiple LLCs for real estate development. This system is often created by the parent LLC at the top of the hierarchy – let’s call it ABC Holding Company, LLC. Individuals then typically form several sister LLCs, one for each real estate property—we’ll call them ABC Real Estate 1, LLC. ABC Real Estate 2, LLC; and ABC Real Estate 3, LLC. Each LLC can own, manage, and be responsible for one property. Therefore, all LLCs facilitate the same holding company, ABC Holding Company, LLC, and share similar structures, ownership, assets and liabilities, and are isolated and protected from each other to protect assets and resources. Each separate LLC. It’s also considered a smart, strategic way to further 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 experienced business startup experts will be happy to help you. Next: How to Create and Use a DBA
*Disclaimer*: Harvard Business Services, Inc. is not a law firm or accounting firm, and although the author is a lawyer or tax professional, nothing in this article contains legal or tax advice. This article provides general comments and analysis on the topic under review. It is highly recommended that you consult an attorney or tax professional for legal or tax guidance tailored to your particular circumstances. Any action taken or not taken pursuant to this clause is at your own risk. If the article cites or links to third-party sources or websites, Harvard Business Services, Inc. No responsibility is taken and no representation is made as to the content or accuracy of this source. The opinions expressed in this article are necessarily those of Harvard Business Services, Inc. comments
What Do I Need To Get An Llc
I have a limited liability company and wanted to open another company unrelated to my first business. I believe applying for DBA in the beginning and getting this business. But I’m thinking of setting up a sole proprietorship and getting an EIN for the second company and keeping them separate. How to get dba trademark for sole proprietorship? It seems the only way I can register the dba trademark is to register it with another legal entity or my company
Ten Things To Know About An Llc
Thanks for reading our blog and asking a question. Generally, you don’t have all your eggs in one basket because you file a separate LLC for each entity. A representative from our office will contact you to provide more information and answer any questions you may have.
Hello, I am a landlord with four properties. Chance can advise you on what type of LLC is recommended. I will also buy real estate in a neighboring country, will I have to set up another LLC in that country? Thanks Stephanie
Thanks for reading our blog and asking a question. We are happy to assist you with your query and will be in touch shortly to assist you further.
Hello, Thanks a lot for the article. I am planning to start a laundry business as a limited and hope it will be big. However, I also have a DBA in operation, I can use the DBA for banking as an LLC, but each potential laundromat has a separate LLC from the DBA. Or should I have completely different accounts for each sole proprietorship?
Llc Operating Agreement
Thanks for reading our blog and asking a question. One of our representatives will be happy to contact you to explain all this in detail.
Hello, my name is Precious. Thanks for the article, really detailed. I currently have a service business but I want to start more with products, would you recommend my current business as the parent company to register a trademark for all my businesses or open an LLC for all my businesses?
We will be happy to contact you to discuss your questions. One of our representatives will be in touch shortly.
Welcome. I found your website very informative. My question is that I set up an LLC that is currently becoming a non-profit. A good friend wants to start a non-profit business unrelated to my original LLC, but asked me to set up a for-profit business under my new LLC. Should I create the original as a parent company as llc Inc with subsidiaries or should I do that?
Llc Vs. Dba: What Are The Real Differences?
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