If I operate multiple types of businesses under an LLC, in order to save money is it possible to do just one LLC under which to open and close different businesses?
Question Details: I have e-commerce and consulting businesses.
Yes, a single LLC can engage in multiple types of businesses and could have, for example, several DBAs, one for each type of business. There are pros and cons to doing this:
PROs: save costs, less paperwork. More flexibility to move or deploy money from one business line to another, if necessary; more ability to take business losses in one line as a tax deduction, since you may have profits from another line of business to apply them against.
CONs: Less liability protection: if you have, say, three businesses operating under one LLC, all three are potentially vulnerable to a lawsuit against, or liable to repay a debt owed by, one of the businesses, since they are all part of the same entity.