"Mini-companies" within my Company

[PEERless]

My LLC owns a lot of intellectual property and is working on several projects in many fields and industries. Do I need to incorporate each "project" as a separate company? The IRS wants to know what industry I work in. Can I just say "X is a wholly owned subsidiary of Y,LLC," and be done with it?

 

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[CarrieW]

from what I remember about looking up the codes there are a few for misc stuff. maybe one of those would work best for you?

 

[PEERless]

I guess that'll work best for now. Should I be worried about spreading my LLC too thin in too many industries?

 

[CarrieW]

I would imagine it depends on the risk involved in each of the industries and with each product you have.

I dont really know alot about asset protection or risk control I am sure there are many others who are better equipped to answer this for you.

sorry I couldnt be of more help.

 

[PEERless]

Thanks for the info. I think I'll leave it all in my one LLC for now. Not like I wanted to pay the fees to start another.