Business Owners - Advice Needed

[Integrity28]

Quick question: I need to form an LLC to begin a contract next week. However, I do NOT have a company name selected. I am wondering if I can form the LLC with a generic name like "Mylastname, LLC" and then for each of the businesses I am interested in creating down the road just get a DBA for them? Rather than forming a new LLC, or Corp, each time?

[The Crusher]

Quick question: I need to form an LLC to begin a contract next week. However, I do NOT have a company name selected. I am wondering if I can form the LLC with a generic name like "Mylastname, LLC" and then for each of the businesses I am interested in creating down the road just get a DBA for them? Rather than forming a new LLC, or Corp, each time?

Yes, name the corporation anything you like and then you do the " doing business as" the name you finally decide on. Exactly. I have my LLC and do exactly that.

[#27TheDominator]

Yeah, you should be fine doing it that way. The only issue should be the nominal fee of filing the dba. Also, if you are going to have a few businesses going at once you want to be careful that a profitable one doesn't become liable for a loser. Seperate dba names won't help you there.

[Maxman]

Yeah, you should be fine doing it that way. The only issue should be the nominal fee of filing the dba. Also, if you are going to have a few businesses going at once you want to be careful that a profitable one doesn't become liable for a loser. Seperate dba names won't help you there.

Good point. I own a few Jets sites and this one JetNation is making a ton of money. One of my other ones is losing money, a lot of money. The JN board is always mad that they have to pay for the other sites failure.

[Bugg]

One thing that comes up a lot (mostly I'd suspect due to radio commercials about the wonders of incorporation); there is nothing wrong with running different businesses each as a proprietorhsip, each filing a seperate Schedule C on your tax return.And the DBA can be filed if you want; it might be a good idea for a bank account or if you are doing business with someone that requires it(for credit, etc.), but it's not a requirement in many jurisidictions.

People come to me all the time for legal and tax work insisting they have to incorporate in order to avoid some neblous idea of liability, which is wrong. My question is always the same;are you planning to rob banks? What awful things do you expect to get sued over?

Each incorporation exposes you to another level of scrutiny and taxation. And if someome wants to sue you personally it costs them the very minimal expense of another summons and process server. Also an LLC typically requires 2 nominal shareholders to legally operate like a partnership. If it's just you, an S corp is probably a better idea.

[PatriotReign37]

One thing that comes up a lot (mostly I'd suspect due to radio commercials about the wonders of incorporation); there is nothing wrong with running different businesses each as a proprietorhsip, each filing a seperate Schedule C on your tax return.And the DBA can be filed if you want; it might be a good idea for a bank account or if you are doing business with someone that requires it(for credit, etc.), but it's not a requirement in many jurisidictions.

People come to me all the time for legal and tax work insisting they have to incorporate in order to avoid some neblous idea of liability, which is wrong. My question is always the same;are you planning to rob banks? What awful things do you expect to get sued over?

Each incorporation exposes you to another level of scrutiny and taxation. And if someome wants to sue you personally it costs them the very minimal expense of another summons and process server. Also an LLC typically requires 2 nominal shareholders to legally operate like a partnership. If it's just you, an S corp is probably a better idea.

Thats what I have and you pay less tax.