Different Businesses under an LLC

SplashAtlSplashAtl Posts: 1subscriber
edited February 2008 in Selecting a Business
Hello.  I am new to Startupnation.  I have an LLC.  I would like to start several different small businesses.  Can I have other businesses (with different names) under my LLC?  Example:  XYZ, LLC.  Can an online retail store called Jane Doe`s Closet be a business under XYZ, LLC?  Do I have to file any paperwork for the Jane Doe business?  I hope this makes sense.  Thanks!

Comments

  • successogroupllcsuccessogroupllc Posts: 0subscriber
    In most states (LLC laws vary state by state) it is totally OK (and common) to have an LLC as an umbrella organization that owns other LLC`s.  The only caution that I would give you is that the LLC`s under the umbrella would then be considered to be "assets" of the umbrella LLC.  In legal terms, this means that if someone ever sued one of your LLC`s, the assets of all of the LLC`s under the same umbrella could be in jeopardy. 
    Paperwork requirements for this also vary state by state as well.  You might want to consult with a business law attorney to find out what you need to do in your state.
    Hopefully that helps....
  • minimegeologyminimegeology Posts: 26subscriber

    I have a similar situation with my business.  Check with an attorney and make sure that your products are labelled properly so that everything falls under you insurance properly, etc.  I had to add wording to many of my product labels to make sure that we were properly covered.
     
     
  • rookierookie Posts: 3subscriber
    I am also planning on doing LLC to include all business activities.  I would like to have one LLC for the following:
     
    - 2 rental properties (Will the lender request full payment is they find out through quit claim?)
    - buy/sell/rehab real estates
    - web publishing for adsense, adbrite, affiliates, etc (i.e., http://www.yophilippines.com , http://www.pangasinan.biz/forum )
    - Youth Sports Organization, a non-profit organization to provide competitive team sports for youth at-risk
     
    I am looking into forming the LLC(s) through LegalZoom as advertised here at SuN.  Any assistance will be greatly appreciated.
  • devyon122devyon122 Posts: 0subscriber
    I`m also planning on doing an LLC to include all my business activities but I was wondering if I have my parent LLC do I have to have form other activities under that LLC as LLCs too or can they just be Trademarked names that I`m using for branding purpose?
     
     
    devyon1226/13/2008 1:01 AM
  • bobbbobb Posts: 0subscriber
    Hello, I am a new in the world of franchise and I need help. I have two partners and we formed an LLC. I am only being allowed to sign the sublease as an individual but I want to operate the store using the LLC. How can I operate the store using the LLC and protect my self behind the shield of the LLC when the sublease and the Franchise are on my name? I also need to operate as an LLC because I have other partners. Can anyone help me with the experiences they have in LLC`s or at least point me in the right direction? The franchise is Subway.
     
    Thanks!
  • DeenaEsqDeenaEsq Posts: 0subscriber
    Hi Bob,
     
    Ok, so here`s the way it works.  First, the most important thing you have to understand about an LLC or a corporation is that in order to protect yourself and your assets (which is why you bothered registering for one in the first place), you need to treat your LLC as if it was a separate person.  I tell my clients all the time to call the company "Fred" if it helps you to think about it that way.  Fred has his own bank accounts, his own tax id (or SS#), etc.
     
    So the problem is that you, Bob, have signed a contract with Subway and with your landlord.  Fred wants to take over all the responsibilities of those contracts.  What would you do if Fred was really a person?  You`d contract with Fred to take over all assets and liabilities of your contracts.  What does that really mean?
     
    You sign it as an individual and Fred contracts with you to assume the lease and franchise contract and all assets, profits and liabilities arising therefrom and allows Fred to run the business.  It indemnifies you from any liability. 
     
    Hope that helps....
     
    Let me know if you have other questions.
     
    Deena
    _______________________________________________________________________



    Any opinions are offered without knowledge of the specific law of your jurisdiction and with only the limited information provided in your post. No advice given here should be reasonably relied upon by you or any third party without consulting an attorney who is aware of all of the facts and law surrounding your situation. Any advice given here is not intended to creat an attorney-client relationship in any way.


    __________________

     Deena Burgess, Esq.
    www.ebusinesslawgroup.com
     
     
    DeenaEsq7/11/2008 8:44 AM
  • bobbbobb Posts: 0subscriber
    Thank you very much!, You were very helpfull.
     
    Bob
     
     
  • DeenaEsqDeenaEsq Posts: 0subscriber
    No problem.  If you have any other questions, let me know.
     
    Deena
Sign In or Register to comment.