Single Person LLC and Multiple businesses

[srajkuma]

Hi

My Wife was working as sole proprietor and she is planning to open Single Person LLC.

She is also planning to start her second business.

1) Can she do multiple businesses in ONE LLC?

2) Will she file multiple Schedule C for EACH business ?

3) Does she has to apply for new Federal ID or she can use same she was using in Schedule C for this new LLC also?

Thanks

[simplybeelightful]

Pretty sure you can't have more than one business under the same LLC and you will have to file separate schedule C's for each business. As a paralegal, I would suggest you talk to an attorney first to make sure.

[simplybeelightful]

oh, and, yes, I think you will have to get a new tax ID number for each business. :smiley2: Fun, huh?

[Rob K]

You can set up multiple separate companies, but it's probably easier and cheaper to set up one general purpose LLC and then register DBAs (Doing Business As) under the LLC for each of your enterprises. If you go this route, you will only need one Fed Tax ID and only will file one business tax return.

This is assuming your state allows this... check with your state government or a local attorney to confirm.

Good Luck!

[WillowBoo]

I have one Fed number and 2 businesese under that. One LLC and one just a sole proprietor at this point. Had to do an extension and am actually going to an accountant in an hour to see how the taxes are filed. Will let you know what he does.

[srajkuma]

Thanks

Please let me know .

As we already have other businesses so we want to setup one LLC and want to do business under that LLC if possible .

[srajkuma]

WillowBoo

Hve you got any update from your accountant .

thanks