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I own a LLC, but want to start a subsidiary, how do I do this?
Posted on 3/3/15 at 7:37 pm
Posted on 3/3/15 at 7:37 pm
I want to start a related company, using the blanket LLC for everything, separate logos seperate names, but both companies under the same llc.
I have trademarks for the logos as required by insurance checklist, I have the trade-names registered with the SoS of La. Is this all I need to be legit? Do I need to send affidavits to my parish with the DBA on them?
Again it's one small four person llc, but I want to branch into a recycling business as well to start acquiring product for a sales business.
LLC
then two operating brands
and appliance repair company that will soon start a retail used appliance side (because 60% of people would rather buy used older stuff than pay for repair) and then our recycling wing which is just an easy way to buy stuff from people then fix and resell.
I have 1m/2m agg insurance, 300k liabilty auto, registered with Jefferson and Orleans, but I just want to make sure I can start using this name with no issues.
Thanks in advance for replies.
I have trademarks for the logos as required by insurance checklist, I have the trade-names registered with the SoS of La. Is this all I need to be legit? Do I need to send affidavits to my parish with the DBA on them?
Again it's one small four person llc, but I want to branch into a recycling business as well to start acquiring product for a sales business.
LLC
then two operating brands
and appliance repair company that will soon start a retail used appliance side (because 60% of people would rather buy used older stuff than pay for repair) and then our recycling wing which is just an easy way to buy stuff from people then fix and resell.
I have 1m/2m agg insurance, 300k liabilty auto, registered with Jefferson and Orleans, but I just want to make sure I can start using this name with no issues.
Thanks in advance for replies.
This post was edited on 3/3/15 at 11:25 pm
3
Posted on 3/3/15 at 7:52 pm to Napoleon
Genreally is spelled generally
Posted on 3/3/15 at 8:29 pm to Napoleon
You can have multiple lines of business in one LLC, but I would highly not commend that. A liability issue in one business would blow up both of them.
Posted on 3/3/15 at 8:44 pm to LSUFanHouston
Definitely multiple lllc better
Posted on 3/3/15 at 9:01 pm to HailToTheChiz
quote:
Definitely multiple lllc better
hmmm. Won't that make my annual tax burden greater?
Posted on 3/3/15 at 10:00 pm to Napoleon
Your aggregate income is still going to be what it is going to be, regardless of whether it goes into one LLC or two.
I'll defer to the tax guys on possibly losing some deductions, though.
I'll defer to the tax guys on possibly losing some deductions, though.
This post was edited on 3/3/15 at 10:01 pm
Posted on 3/3/15 at 10:23 pm to Napoleon
There are ways around that. You can structure it so it's like one combined entity for tax reporting.
Posted on 3/3/15 at 10:54 pm to LSUFanHouston
thanks. from a setup standpoint, it's only an extra $140 to file for the llc, I will do that tomorrow. Can't hurt. I'll just run them separately.
Thought it would be easier as one, with one insurance and all.
Posted on 3/4/15 at 8:53 am to Napoleon
What you propose is to use your original LLC as a holding company. Then you form separate LLC's for your separate business lines, each of which is owned by your holding company LLC. This type of organization can isolate the risks into discrete units. The protection extends both horizontally and vertically. The assets of any single entity are segregated from those of all others. As long as the holding company is not the offending party, the most you are at risk of losing are the assets of a single subsidiary.
I recommend you form two subsidiary LLCs and keep the current LLC as your holding company. All you need to do is form the single member LLCs with the holding company LLC as the single member of each subsidiary LLC. The subsidiary LLCs will be disregarded entities for tax purposes, but they will have legal standing to provide asset protection.
I recommend you form two subsidiary LLCs and keep the current LLC as your holding company. All you need to do is form the single member LLCs with the holding company LLC as the single member of each subsidiary LLC. The subsidiary LLCs will be disregarded entities for tax purposes, but they will have legal standing to provide asset protection.
Posted on 3/4/15 at 8:55 am to Napoleon
quote:Buy the insurance at the holding company level, and you can get by with a single policy. However, it may be more cost effective to get specialized lines for each subsidiary based on their functions and risks.
Thought it would be easier as one, with one insurance and all.
Posted on 3/4/15 at 9:03 am to Napoleon
Poodlebrain's suggestion above would give you even more protection than the dual LLC option I was hinting at.
Bear in mind that generally speaking, the "easy" options in business generally are the ones that cost more in taxes and provide less in protection. =)
Bear in mind that generally speaking, the "easy" options in business generally are the ones that cost more in taxes and provide less in protection. =)
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