Tax Law (Questions About Taxes)/Question...
Interested in finding out if it is possible to set up 2 - 3 different businesses with different names under one registered LLC.
For example lets say my company is registered as Florida Market Research Services LLC and I wanted to branch into promotional materials with a separate business name like Florida Promotional Marketing Services but dont want to form another company (escape expense of forming another company).
What are the different ways one can do this?
Yes, you can file new names for your LLC to operate under. Those would be DBA (Doing Business As) or Fictitious Name Filings. The recording of DBAs are handled at the county level.
But let's take that a step further. You use the word "separate". A DBA is not Separate, it is just the same LLC doing another business. If you were looking for separation then you won't accomplish it.
Now let's go even further:
The LLC is not really separate from you. While the LLC was originally created to try and create separation, it has not fulfilled on that goal. It had an insurmountable obstacle to begin with.
The LLC was expected to trod the same path that the Limited Partnership took. But the LP failed. That is the only reason the LLC was even developed. To replace the LP in the goal of providing separation of liability while functioning as a pass through entity.
The IRS was the first to dash the hope, when they declared the LLC as a "Disregarded Entity". They simply ignore it.
If yours is a single member LLC you are required to treat it as a sole proprietor. No liability protection in that.
If it was a multimember LLC then it would file as a General Partnership.
But that may not have been your goal, if you were not looking for a liability advantage . . and there is no tax advantage. . . Filing DBAs is a fine plan, but you could file those DBAs personally and saved even a few more dollars.
Saving money is a critical part of good business management, but save it where you can and don't cut corners.
I'm not sure what your goals are/were when you filed your first business entity. I would discuss your plans and see if there are better ways to accomplish your goals than the direction you are taking.