One LLC, multiple unrelated products?

[jkkkjkhk]

I know I have a few progress threads going at the moment so I apologize if I should have posted in those instead of here. I'm looking at filing my LLC license soon but I'm not sure about a few things. I've googled this a bit and I can't find anything, most likely I just don't know the correct terminology which is stunting my search results, so again I apologize if this has been answered before. Unfortunately I don't know a whole lot about this topic, but I'm learning.

How does it work having one LLC but selling multiple unrelated products? My main product right now is the suction cup cup holder but I also have the guitar app on the back burner. I'm collecting data and slowly learning ios coding so eventually I can create my app. Can I start a LLC with a general name ( ex. last name LLC) and have it cover both the cup holder, the app, and any other products I eventually create? My main thought again is the snuggie, everyone knows it by the product name, how many people have even a clue what the company's name is? Same for many apps, I could be wrong but I doubt "angry birds" is the company name as well. I'm just not sure the rules and how these things work.

Thanks for any help

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[IAmTheJeff]

I think that is a question for a lawyer, but I'll answer anyway...yep, your LLC can be the owner of many products or other companies. That should answer that.

 

[jkkkjkhk]

Thank you, I thought of asking one of those "ask a lawyner" sites but wasn't sure if it was needed.

 

[smartmoney]

I would also say ask a lawyer, accountant or CFP. However, if you are willing to pay for a separate LLC, it probably makes sense from a legal liability standpoint. If both products are in the same LLC and a lawsuit is filed against the LCC, it could be that you are liable for assets in BOTH product lines. Having two LLC removes that possibility. However, I am not an expert; I would check with one.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jkkkjkhk]

That's a good point, didn't even think about that. I will contact a lawyer, thank you.

 

[Daniel A]

There is a podcast that I listen to which might have a lawyer as a guest once a week and we get to ask questions. I'll see if he will answer this question. I'm not sure when it will be answered (or if it will be) though.

I'll post the answer here if it does get answered of course.

 

[jkkkjkhk]

There is a podcast that I listen to which might have a lawyer as a guest once a week and we get to ask questions. I'll see if he will answer this question. I'm not sure when it will be answered (or if it will be) though.

I'll post the answer here if it does get answered of course.

That'd be great,
thanks.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kak]

I am not a lawyer and this is not legal advice... But...

LLCs and corporations frequently own other LLCs, Corporations and many DBAs... Including one of mine.

So Yes. You can. But this isn't legal advice. And I'm not a lawyer.

 

[jkkkjkhk]

Thank you

I am not a lawyer and this is not legal advice... But...

LLCs and corporations frequently own other LLCs, Corporations and many DBAs... Including one of mine.

So Yes. You can. But this isn't legal advice. And I'm not a lawyer.

 

[GlobalWealth]

You may want to consider a series LLC as it allows you to segregate business risk under 1 LLC with separate "series'". This is a bit more complicated than a standard LLC and requires a specially drafted operating agreement to have full effect.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jkkkjkhk]

You may want to consider a series LLC as it allows you to segregate business risk under 1 LLC with separate "series'". This is a bit more complicated than a standard LLC and requires a specially drafted operating agreement to have full effect.

Thanks, I'll look into that.

 

[NECST]

smartmoney nailed it. Corporate law (protection) varies from state to state too, so make sure to check with local lawyers.

In Washington real estate, I believe you can be sued up to 6 years after you make a transaction. If you hold properties in the same entity that you flip them, a 5 year old flip that just had a problem can take all those other properties in that entity.

 

[Daniel A]

There is a podcast that I listen to which might have a lawyer as a guest once a week and we get to ask questions. I'll see if he will answer this question. I'm not sure when it will be answered (or if it will be) though.
I'll post the answer here if it does get answered of course.

The host of the podcast took a hiatus until 4/24 so I'll still let you know if it is answered. I have questions of my own too so if they get answered I'll post the Q&A.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jkkkjkhk]

The host of the podcast took a hiatus until 4/24 so I'll still let you know if it is answered. I have questions of my own too so if they get answered I'll post the Q&A.

That'd be great, thank you.

 

[randomnumber314]

Chrysler LLC

Also I think Koch, GMAC, Kaiser Permanente, Cargill (international food/grain company) and a number of other large companies are LLC.

Bottom line, LLC can get as big as you want, with as many members/stakeholders as necessary, but can only grow through revenue--you can't sell stock for capital--but the entity is pretty new so there are rules yet to be written. A great advantage is pass-through taxations--in contrast to c-corp double taxation--you only pay taxes on profit once, as owner(s).

I say begging for forgiveness is easier than asking for permission. My lawyer tells me she has the same motto.