You can run multiple businesses independently, but you’re not truly getting the benefits the government and IRS have to offer. There is a much better way to structure your multiple business units and projects if you are willing to invest and put some time into it.
You can form one corporation to cover them all or you can form an LLC for each one.
Answer these questions from both a marketing and legal perspective. You need to consider the markets and target customers for each venture. Confirm that they have synergy, are relevant and appeal to the same customer. You can form an LLC or corporation for each business venture. You would basically create an LLC for business A and then form another LLC for business B.
One option is to create one main company as an LLC or corporation. Once that LLC or corporation has been established, it can file more than one fictitious business names, also called DBA registrations, for each of the ventures within the same state/county. Another option is to create a holding company that will own individual Corporations/LLCs for your multiple businesses. This scenario often comes into play for companies that are looking to be acquired. It also applies for those cases where an established company is looking to start a new business and the established or holding company will fund the new business.
Thomas Huling is an entrepreneurial founder who has started six successful corporations with four that are still active today. He brings over 27 years of experience to the finance industry. Thomas is a visionary with the right mix of management and delegation to bring his ideas to life. His vast achievements are highlighted by the success of his business ventures.