You can operate two enterprises as a sole proprietor and be self-employed. As a sole trader, you are essentially self-employed because you are the only person running and owning your company. This indicates that you are able to lawfully run multiple businesses under your name.
Whether having many LLCs or DBAs is preferable will mostly rely on your individual circumstances. It could be a good idea to create various LLCs in order to reduce your responsibility if each of your enterprises is in a different industry or has distinct risks. You might be able to run both of your enterprises under a single LLC, though, if they are connected or subject to similar risks. DBAs, or “doing business as” names, let you run several businesses under one umbrella organization, but unlike an LLC, each DBA is not regarded as an independent legal entity.
You might be asking if you require a different bank account for every business you are running under a single legal organization, such as a DBA. Although it is not legally necessary, having separate bank accounts for each DBA can help with bookkeeping and accounting. You can keep track of the revenue and costs related to each business by having different bank accounts. Can I have two LLCs?
You can indeed have two or more LLCs. However, each LLC must register separately with the state and receive a distinct tax identification number. You must also maintain distinct accounting and financial records for each LLC.
In conclusion, you have the legal right to run several enterprises under your name as a sole proprietor. However, it’s crucial to thoroughly weigh your alternatives and choose if it would be beneficial to run each company under a different LLC or DBA. To properly manage your finances, it is also advised to establish different bank accounts for each firm. To be sure you are making the best choices for your particular scenario, it may be helpful to speak with a business attorney or accountant if you are thinking about launching many firms.