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How many LLCs do you guys have?
 

I know a lot of you guys have a lot of eBay accounts with EINs attached..I'm just curious to know how many LLCs do you guys have and if it is alarming to the IRS if you have 10 LLCs or even 100. And exactly how much paperwork is that during tax season.

Thanks

Re: How many LLCs do you guys have?
 

I have 4, it isn't that much worse than doing regular taxes if you handle your books correctly.

Re: How many LLCs do you guys have?
 

It's more work for my accountant but he's okay with it because he charges for each LLC.

Eh, no issues so far. I have more then 4 and less than 10.

You can open up as many as you like but think about managing those accounts.

Re: How many LLCs do you guys have?
 

Zero. You don't need an LLC to get or use an EIN.

Re: How many LLCs do you guys have?
 

So you have one Sole Proprietor and Corps? This post seems to be misleading to the OP unless I am missing something or you only have one EIN.

Re: How many LLCs do you guys have?
 

4. It's not practical to have 100 LLCs' because it would cost you roughly $1050 to maintain each LLC each year if you had Wyoming LLCs and California shipping address.

Re: How many LLCs do you guys have?
 

The IRS will issue you as many EIN's as you have business entities, regardless of structure.

Re: How many LLCs do you guys have?
 

You are only suppose to have one EIN as an Individual. But I really don't think being $20 Trillion in the hole the US Guberment won't take your money.

I personally just have one EIN then manage my 9 stealth accounts wisely. But if it ever came down to it for eBay/Amazon and other online selling I would just register another one as an individual.

They want the money. Jobs even if it just for yourself don't create themselves.

Re: How many LLCs do you guys have?
 

The tax guy says one per business entity. You CAN run multiple businesses on one EIN, but if you tabulate the expenses and revenue separately as a separate entity, you can use a different EIN as well.

Offsite link: ( excerpted portions below the link )

https://www.irs-ein-tax-id.com/learn/faq/can-one-ein/

there are instances when a business owner may need multiple EINs, which is why some of our clients have asked us, “Can I have more than one EIN?” Below we will answer this question in more detail.

Every separate, legal entity should have it’s own EIN. A legal entity is defined by its ability to engage in contracts, agreements, incur and pay debts, and to be held liable for its independent actions. Associations, non-profits, corporations, and partnerships are different types of legal entities.

Re: How many LLCs do you guys have?
 

Exactly. You must create a new entity. LLC is just one any many options but for the purpose of the OP, is the same. For example, I use Corps or Trusts and not LLC usually but the same general idea applies.

Re: How many LLCs do you guys have?
 

'Entity' can include a sole proprietorship, ( on our scale ), or even a subdivision within an existing operation. For example, Pepsico owns dozen of companies including Quaker Oats and part of Starbucks, Lipton, and Tropicana.

Re: How many LLCs do you guys have?
 

O**** you gotta PM me how the trust thing works... since they're practically free to set up.

Re: How many LLCs do you guys have?
 

I'm curious about trusts as well... :)