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I have two LLC's, one C-Corp, and three DBA's.
One LLC is presently dormant, I keep it filed away for future use (it's aged). The other LLC is currently my primary (T J Tutor LLC) for business and run the bulk of business activities through it as well as the bulk of revenues. I went with an LLC because the structure is taxed like a sole proprietorship. Profits or losses from the business are are not required to be taxed directly but can be taxed through the single member's personal federal tax return. Also, LLCs share many of the same qualities as an S-Corp or C-Corp while enjoying more flexibility and requiring less paperwork.
My C-Corp (T J Tutor & Associates) is aged, over 34 years old. I've used it as my shell on and off for all of that time. I've kept it on the books all of these years for whenever I achieve multiple revenue streams and the totals begin to exceed $1MM in annual revenue. It's usually at that point that I find myself with enough expense and liability that moving everything under the coverage of the shell then becomes more appropriate.
The DBA's are generally used for the beginning, or startup stage, of an idea or new venture and stays there until viability of the model is determined to be worth putting significant time and money into it.
Wish I could transplant some of your knowledge directly into my brain with the result being total and instant comprehension.
Re your LLCs...I understand that having multiples allows you to juggle revenue placement to keep your tax base down. Not sure how you do that in the paperwork but no matter. What I am curious about, is if you initially did this (get more than one) for keeping your entities as organized, separate divisions?
I had to look up DBA, had no clue what that was, we don't have it in Canada. We either use our full legal name or register for a license. After reading a little about DBA, I wondered why you would need it. I read that an LLC allows you to use multiple names under the one LLC umbrella. Maybe I misunderstood?
That's how I do it! I have a USB receptacle behind my ear and I just plugin to the laptop
This is an aged C-Corp which is dormant at the moment. It has been used as a shell corporation since 1982.
So, I use DBA's for new ventures. It offers a liability separation between me and the business. Kind of a buffer.
If it's dormant, is it a matter of simply doing nothing with it, or do you file papers of some kind.
Also, is a shell corp registered as such, or it's just a corp and your companies/sub-corps are registered as divisions?
Really? It's like a trial LLC then? You are not personally liable for that DBA (not counting any exceptional circumstances). That sounds terrific, wish we had that!