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How should i run my business.

Discussion in 'General Business' started by Trending, Apr 22, 2016.

  1. #1
    Currently i run everything in my own name (adsense revenue, online marekting, ect) However id like to open and sell apps, open a couple commerce store, open some drop shipping stores, general online marketing business, ect. Would it be best advised to just open 1 LLC and do all these under it? Would i still ned to create seperate DBA's and EIN's for these ventures?
    SEMrush
    Regards,
    Trending
     
    Trending, Apr 22, 2016 IP
    SEMrush
  2. JeffD84

    JeffD84 Peon

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    #2
    I would start with one LLC and set up DBA's for each. No need to spend $300 for each llc(plus more accounting fee's) when you are unsure if it will be a success or a bust. Once you start to see real income on one of your ventures, then switch it over to it's own llc. Until then, keep them all under one roof and spend your money on more important things.
     
    JeffD84, Apr 22, 2016 IP
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  3. angelica c

    angelica c Greenhorn

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    #3
    There is only ONE way to know if an idea really works!
    - Try!!
    I wish you the best of luck!!
     
    angelica c, May 1, 2016 IP
  4. sarahk

    sarahk iTamer Staff

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    #4
    Umm, no, when it comes to how you legally structure your company you can get awesome advice and set things up right from the very beginning. Then you won't have issues with taxation, liability etc. It's good to learn from mistakes but only if you really have to.
     
    sarahk, May 1, 2016 IP
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  5. JeffD84

    JeffD84 Peon

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    #5
    Terrible advice.
     
    JeffD84, May 1, 2016 IP
  6. HostDash

    HostDash Well-Known Member Premium Member

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    #6
    Completely agree. Everything under one LLC and spend the money where it will be better spent.

    That being said, it seems like you want to start quite a lot by yourself :). I'd focus on 1 or 2 of those projects and if they start becoming profitable either devote more time into it or start branching out. You might find it very difficult starting all those projects within a short time span.
     
    HostDash, May 2, 2016 IP
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  7. eric_wahlberg

    eric_wahlberg Well-Known Member

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    #7
    I think one LLC would be fine, to be on safe side, I think it would be better if you consult your CA regarding this.
     
    eric_wahlberg, May 2, 2016 IP
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  8. China_girl

    China_girl Well-Known Member

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    #8
    I guess if offline and online marketing/sales cannot be under one roof. However its always better to keep different businesses under different names and dont merge it unless its necessary. The expenses and profits earned from one particular business should be shown from that business accounts itself. In the long run, if you expand your businesses and get lucky on huge profits, it might be difficult to handle the accounts, if they are merged.
     
    China_girl, May 4, 2016 IP
  9. Blizzardofozz

    Blizzardofozz Well-Known Member

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    #9
    You should think business strategy not law!

    Can you start all those businesses at once?

    Start one make it successful then start other. Then if you have a successful brand you can use it for the next business if suitable.
     
    Blizzardofozz, May 5, 2016 IP
  10. Kelly Enke

    Kelly Enke Active Member

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    #10
    Hi there, First I think you might be starting to much. Stick with one cause it could be to much for you to keep up with.
    Second- I would put it in a LLC. If you dont, it will effect your name personally and financially. (Depending on how you do it)
    My experience.... I started a business using my name back in 1998 and it did very, very good. Made a ton of money and did advertising (In my name) that cost a lot of money but the money I was making, I was able to pay for the advertising with no problem with my business.... Then in 2009 the housing it rock bottom (As we all know) which effected my business and was losing money (In my name) and ended up in debt (In my name) and had to file bankruptcy (In my name)... If I had done it in a LLC... It wouldnt have effected me personally and financially at all. So I would do LLC.

    Hope this helps you. Good luck
     
    Kelly Enke, May 5, 2016 IP