I’m interested in starting an LLC as a sole proprietor/ sole partner. Is it possible to start a single LLC and use that business across industry lines or would it be easier / better to create subsidiaries under the original business for separate ventures? Ex: primary business is niche hospitality. Looking to add separately for a line of small batch wines and liquors, and possible bespoke personal goods (bags, totes, Fanny packs, etc). Can I potentially keep the one EIN / biz, but have it linked to multiple entities on the fictitious name registry?
Currently incorporated in Indiana, but located regionally in the Midwest. Thank you.
The whole point of a L.L.C. is to limit your liability. So, if someone sues your business, you are only liable for assets of that business.
If you have business interests that are completely different, it makes sense to separate those into separate LLCs so that one lawsuit doesn’t kill all of your business interests.
And it allows you to do interesting tax strategies if you create a “management company” that manages all of your separate LLCs.
Hey. Your reply caught my attention. Can you provide some examples of these tax strategies for the management company?
Thanks for the info guys!