Let’s just say you desire multiple streams of income (which by the way I highly recommend), therefore this means you can actually start up and operate two or three businesses simultaneously. Now you are probably saying to yourself, does that mean I have to form separate Limited Liability Corporations (LLC’s) or Corporations (Inc) for each business? The answer is NO! (now I am not by any means conveying legal advice) I am simply presenting the options that an individual may choose from if looking to startup and operate two or three businesses all at the same time.
A corporation or a limited liability corporation may operate under what “they” call “multiple trade names.” This means that your “one” Limited Liability Corporation (LLC) entity which you set up is called the parent company. So if you break the process down into several steps- it looks like this:
- Form your Limited Liability Corporation (LLC) or Corporation as your PARENT company. You can access, retrieve, and print out the “articles of organization” paperwork you will need to form either a LLC or a Corporation from your State Corporation Commission website.
- Next, if you want to startup multiple different businesses all with different names, then you will simply need to file “a certificate of assumed name” at your local State Corporation Commission or Secretary of State’s office for each business name that you plan to operate under your LLC or Corporation.
- You will only need to get ONE Federal and ONE State Tax ID number for your one “parent” LLC or Corporation.
- You will need to set up a separate business checking accounts, and maintain separate books/records for each separate business. This will help you at the end of year when it is time to complete and file your taxes.
So do not just place limits on yourself thinking that you can only start one business at the time. The more streams of income you have the better! So get going, and create your own career! Step forward and make it happen- I know you can do it!~ Abundant Blessings~ Ms. Wen