Hey Abe! Can I run a second business under my trucking LLC?
Abe: Oooh, Thanks for asking this one.
The answer to this question is technically yes, however it is often not wise to run multiple businesses under the same single-member Limited Liability Company (LLC).
Here are a few reasons why:
- First, you must consider what type of industry each business is in. When first establishing your LLC, you provide the type of industry you will conduct business in when applying for an Employer Identification Number (EIN). If the two businesses are in different industries, you will likely want a different EIN and LLC.
- Second, you must consider where you are conducting business. Abacus CPAs establishes the LLCs that we file in the state of Missouri. While a trucking business can operate all across the country, not all businesses operate this way. For example, if you wanted to operate a lawn mowing business under an LLC, you would want to establish that LLC specifically in the state (or states) that you are conducting business in.
- Lastly, anything that impacts one business can impact the other if registered under the same LLC. Often times it is wise to separate the business assets for each individual business for this reason.
At Abacus™ CPAs, our focus is you! Contact us today if you need help or more information on this valuable topic.
We believe that our employees and clients deserve to interact in an environment that fosters growth, trust, and confidence. Abacus™ professionals provide leadership by relentlessly pursuing the best guidance possible so those we serve can make smarter decisions.
We are here to serve you and your business. Contact us today by calling 417-380-5000, or visiting our website at www.abacustrucking.com.