Three ways to legally structure multiple businesses:
- Single business entity with multiple DBAs.
- Form separate LLCs or corporations for each business unit.
- Create a holding company with separate LLCs or corporations beneath it.
- Each to their own — the importance of considering each client’s unique situation.
Can one business offer multiple services?
The answer is yes–it is possible and permissible to operate multiple businesses under one LLC. Many entrepreneurs who opt to do this use what is called a “Fictitious Name Statement” or a “DBA” (also known as a “Doing Business As”) to operate an additional business under a different name.
Does a DBA get a new EIN?
Your DBAs are just your business nicknames, and therefore, you won’t have a separate EIN for a DBA. Not all businesses need an EIN. Whether you’re required to have one depends on how your business is organized and what kind of taxes it pays.
Is it worth it to start multiple businesses?
Starting multiple businesses guarantees that life will never be boring. Let’s face it. Entrepreneurship is a rush. Whereas most people get into business to make a living, I find that a life worth living includes starting businesses. After having started a few, I want to start more.
How to set up and structure multiple businesses?
Create One Corporation/LLC with Other Corporations or LLCs Under the Main Holding Company In the third approach, a holding company will own individual Corporations/LLCs for your multiple businesses. This scenario often comes into play for companies that are looking to be acquired.
How many service businesses can you start today?
With 105 ideas to choose from, you have no excuse not to get started today with your own service business. Once you’ve scrolled through our ideas and gotten a taste of what’s out there, pick from more than 55 industries within Entrepreneur’s Start Your Own series of books and guides.
How to start your own service based business?
There are many common service business ideas, but if you think hard and do your research, you might develop something original that no one else is doing. We’re going to help you get started on your quest to becoming your own boss by offering up some service-based business ideas. 1. Auto Detailer
