You have a few options when it comes to structuring multiple businesses. Here is a simple breakdown of each possible solution:
- Create individual LLCs- You can create as many businesses as you want and this solution means that each business is protected individually. However, it also means twice the work as you’ll have to create documentation and provide reports for each entity.
- DBA (Doing Business As)-Essentially you can place each business under one name and simplify the yearly maintenance involved with multiple LLCs.
- Create a business under a holding company-When you set up a holding company, the only role of that LLC is to own your other LLC. Essentially, this LLC would have no real operation and few if any employees.
Of course, your best solution would be to discuss your options with a business attorney. There are many factors that will help you determine the best option for your specific needs that will need to be fleshed out more in an actual conversation.
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