Multiple Services

[MrBois]

I have a few sources of revenue from Speaking engagements, selling products online, or business consulting. Do I need to create an LLC for all of my services or place them all under one LLC?

[Cindy4]

An LLC is a state legal entity controlled by state statute.  You should check with your state for their regulations regarding LLCs.

From a tax perspective, the IRS treats single member LLCs as a sole proprietorship, unless you make an entity declaration to be treated as a corporation.  Each unrelated business is generally reported on a separate schedule C, but the schedule C results will all flow into one schedule SE for calculation of self-employment tax.

Here are some great resources for small businesses:

https://turbotax.intuit.com/tax-tips/small-business-taxes/i-own-several-businesses-how-should-i-file...

https://turbotax.intuit.com/tax-tips/small-business-taxes/limited-liability-company-taxes/L5TDDlstC#...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

Hope this helps!

Cindy

[mirthaguer]

I am assuming you have a single member LLC  As such the LLC is an disregarded entity and you include the income and  expenses in schedule C form 1040.  You mention that you have multiple sources of revenue and want to know if you can have an LLC for all your business.   You need to report by line of business since the schedule C requires that you enter a SIC code or NAICS code.  For example if you had speaking engagements and were an UBER driver you would need two schedule C's (and two LLC's) since the business are different.  On  the other hand if the speaking engagement is in the same line of business as your consulting you can lump those two together. Selling products may be a different line, or it may be related to the speaking and consulting.  For example if you sell natural products and have speaking engagements promoting those products and consult in that same line of business has to do with consulting you can lump all the income and expense in one LLC.