You might be asking if it’s possible to expand your existing LLC if you’re an entrepreneur with an LLC. Yes, it is feasible to expand your LLC to include more businesses. It is not, however, as simple as you might imagine.
You must submit a Doing Business As (DBA) form to your state in order to add a new company to your LLC. You are able to run a different business under a different name using this form. It’s crucial to understand that incorporating a new company does not alter your LLC’s legal makeup. For tax and legal purposes, your LLC will still be regarded as a single entity.
A LLC may use several DBAs. For every name you intend to use, you must submit a separate DBA form, though. Additionally, each DBA will need an own bank account and set of accounting records.
Without submitting a DBA for each business, you are not permitted to run two enterprises under the same name. To prevent ambiguity and legal concerns, every company needs a distinctive name.
Your LLC must be registered under the same legal name as your Employer Identification Number (EIN). As long as your business’s legal name corresponds to the name listed on your EIN application, you can use the same EIN for all of your DBAs.
Yes, a single address can belong to two sole owners. To prevent confusion and legal problems, it’s crucial to maintain proper records and segregate firm finances. In conclusion, it is possible to expand your LLC, but doing so necessitates submitting a DBA form for each name you intend to employ. Each company is required to have its own name and set of accounting documents. Two sole proprietors can share an address as long as they keep their records separate, and your EIN must coincide with the formal name of your LLC. Before making any modifications to the form of your LLC, it’s crucial to seek legal or financial advice.
Yes, for tax reporting purposes, each series LLC needs its own EIN (Employer Identification Number). While a series LLC is regarded as a single entity for legal purposes, each series is handled as a separate entity for taxation purposes and needs its own EIN. It’s crucial to remember that the series LLC should obtain the EIN before starting any commercial operations.