Author Topic: Creating an LLC with Multiple Lines of Business  (Read 149 times)

SideHustler

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Creating an LLC with Multiple Lines of Business
« on: August 08, 2017, 02:38:06 PM »
When creating one LLC to cover multiple lines of business (similar to MMM which includes construction, online publishing revenue, and whatever else suits him), how do you determine which "Principal Business or Professional Activity Code" to use when filing? Assume this LLC is a sole proprietorship, not using S-corp election.

My LLC will include various activities such as "Office administrative services" (561110) and "Independent artists, writers, & performers" (711310), with potential to also include "Other information services" including news syndicates & libraries, Internet publishing <blog revenue & YouTube channel> & broadcasting (519110).

I'm not concerned about cross-liability since each of the revenue streams will be relatively small (under 5 figures annually). Since the portion of each revenue stream will likely vary year to year (in the beginning it will primarily be "Office administrative services" (B2B), then morph more into performing/publishing once I FIRE from my day job, I am unclear which code to use. Can the code vary year-to-year when filing my personal return?

Thank you!

Maccountant

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Re: Creating an LLC with Multiple Lines of Business
« Reply #1 on: November 15, 2017, 11:13:35 AM »
I'm not positive MMM only has one entity. Typically you should segregate different business ventures, generally speaking - placing them all in one entity is not correct.

Do all of these lines of business have a common theme or propose?

Some states are offering "serise LLC's" which is basically one LLC that is partitioned by each business venture. Maybe worth looking into to see if your state offers a series LLC.