Covering multiple activities with one LLC?

By combining your businesses in one LLC you defeat the purpose of the LLC. You keep them separate to protect each entity from liability hence Limited Liability Company.

I know accountants that tell you if you own properties to make each one its own LLC. Additionally if you own them outright to then sell them to another LLC and put a lien on them so you are first paid in any lawsuit. You should heed the advice of your accountant and if you don't want him to make the LLC then do it yourself online. its pretty cheap to do. Also if you have considerable assets in one LLC you should talk to an attorney about ways to protect them inside an LLC.

In Ohio one drawback with an LLC is that any legal action that is taken you must be represented by counsel. That mean if you have a small claims court claim you must be represented. If not you can have your LLC stripped away and be reclassified as a SP in the lawsuit and not have the LLc personal property protections.




Eric