Questions About Forming a Company or LLC

[TENT]

I would like to know if you form a corp or LLC does it have to be or one purpose only?

I am interested in forming an LLC primarliy to buy and rent real estate of a small scale.. but what if I want to sell some electronics on ebay as well?

Can I combine that income and use the same LLC?

ie ABC company buys real estate and also sells ipods every now and then?

Also what is the significance of names like "Holdings" or "Enterprises" do they mean anything special?

 

[Lick]

I would like to know if you form a corp or LLC does it have to be or one purpose only?

I am interested in forming an LLC primarliy to buy and rent real estate of a small scale.. but what if I want to sell some electronics on ebay as well?

Can I combine that income and use the same LLC?

ie ABC company buys real estate and also sells ipods every now and then?

Also what is the significance of names like "Holdings" or "Enterprises" do they mean anything special?

It is cleaner and safer if you keep it to one thing. However, you can always file a DBA for the new venture and if it works out it would be good to form a separate business to do that venture.

Smart! LLC’s are very good for holding Companies and Real Estate and you would want on for each State you have property in and it is better if you have that LLC buy the property and hold the mortgage.

There is nothing to stop you. However, to answer this question the answer is NO. You MUST not co-mingle anything. You do that and now your LLC or Corporation can be pierced. Remember, as a company, it can research other business ventures. And when it does, talk to your CPA.

Your last one: "Holdings" or "Enterprises". You are just giving the public more information about your corporation. It is not a bad thing, it is just additional information about your company you may or not want the public to know.

I hope this helps and I am regretful I did not see this earlier.
Stay up my brother…. “LICK”

 

[Zyin]

If you are going to setup your LLC's or Corps look at www.IncorporateItNow.com they have a nice, very nice, package they provide for individuals setting up their business entities.

Stay up and Stay Smart, You are on the RIGHT Track.

 

[Zyin]

If you are going to setup your LLC's or Corps look at www.IncorporateItNow.com they have a nice, very nice, package they provide for individuals setting up their business entities.

Stay up and Stay Smart, You are on the RIGHT Track.

 

[jesmulen]

check out your state first... in most cases it's cheaper to just do it yourself with the state but in some states it'll crash your pockets. Plus you need to do the research... in most states single member LLCs are recognized as sole proprietors and taxed as sole proprietors. So unless you got more than one person to do it with it may be beneficial to do so...