If I Have Multiple Businesses, Do They Need Separate LLCs?
AskPat 2.0: A Weekly Coaching Call on Online Business, Blogging, Marketing, and Lifestyle Design
Pat Flynn
4.9 • 638 Ratings
🗓️ 25 January 2017
⏱️ 13 minutes
🧾️ Download transcript
Summary
Today's question comes from Jacob, who asks about business structure. Should multiple businesses operate under the same LLC, or should each business have a separate legal entity? The first business I started is Green Exam Academy (formerly called In the LEED; http://www.greenexamacademy.com/). My original LLC is Flynndustries LLC. The other LLC I discuss in depth is related to the Smart Podcast Player (http://smartpodcastplayer.com). My account is Dave from Profitwise Accounting (http://www.profitwiseaccounting.com). Do you have a question about your business structure? Record it at http://www.askpat.com/.
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Transcript
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| 0:00.0 | Ask Pat. |
| 0:01.0 | Ask Pat. |
| 0:05.0 | Ask Pat.com |
| 0:07.0 | Dot com. |
| 0:09.0 | AskPats. |
| 0:10.0 | Hey, what's up, everyone? |
| 0:12.0 | Pat Flynn here and welcome to episode 787 of Ask Pat. |
| 0:15.0 | Thank you so much for joining me today. |
| 0:17.0 | As always, I'm here to help you by answering your online business questions five days a week. |
| 0:23.2 | All right, now here's today's question from Jacob. |
| 0:24.8 | Hey, Pat. |
| 0:25.8 | My name is Jacob. |
| 0:27.2 | I'm Louisville, Kentucky. |
| 0:29.3 | And first of all, thank you so much for all you do. |
| 0:40.3 | I greatly appreciate the trust that you build through your transparency in running your business and being the quote unquote crash test dummy for the internet marketing or internet businesses. And by the way, my wife and I are |
| 0:48.6 | big fans. If you're ever in the Louisville area, you're always welcome to come by. And for dinner, we'd love to have you. |
| 0:56.1 | But my question to you today is I know you have several businesses, the food trucker |
| 1:03.5 | and then the Green Academy and so forth. |
| 1:07.1 | And I know you have Flindisries LLC. |
| 1:14.4 | Do you recommend having all of these businesses underneath one LLC? And if you were to go into a space that was outside of kind of internet |
| 1:20.9 | marketing, would you create another LLC separate for that? Or would you do, would you pull it also also underneath the LLC and I'm curious if that creates accounting issues or not so thanks again for all your help and uh again appreciate everything |
| 1:36.6 | hey Jacob thank you so much for the question I really appreciate it let me go through the history of my business structures and kind of my thinking behind all of it |
... |
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