New company with four LLCs, do I set each up as a different class?

Hello, @delmarbookkeepin.

Each business entity should have one company file or account in QuickBooks Online for tax reporting purposes. Combining multiple company files into one account may cause mixed transactions or taxes when reporting to the IRS.

If your reporting taxes to one entity for these four LLCs, then you can use one account for them and set up classes for each LLC. Please know that this feature is only available for QuickBooks Online Plus and Advanced users.

Also, I encourage working with a professional accountant to help manage your account accordingly.

Click the Reply button if you have any other questions about setting up your account. I'm always here to help. Have a good day!

@delmarbookkeepin 

As another option, consider using QB Desktop to manage 4 books with a single one-time license. You may deploy a private cloud solution, should you need to access data file by internet connection. 

But if you prefer using QB Online,  make sure to click the Buy button to get the discounted price for up to 6 months. If you purchase from the trial account, you have to pay the regular price.

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Just my 2 cents

@john-pero 

@delmarbookkeepin 

But this is still not ideal since each LLC will have its own tax ID. You will have to create 4 K-1s for each member and everything passes through to each individual

A sole proprietor LLC does not issue a form K-1, that is only for multi-member LLC's, and they file as a partnership on form 1065 which generates the K-1. A sole proprietor LLC does not have to have an FEIN, all sole proprietor LLC's can file under the owner ssan, but each LLC does have to file its own schedule C.

And for that reason, each LLC should be its own business accounting file.  

An LLC is a State legal protection that separates your business from your personal, and in the event of a law suit against your business, the court can not touch your personal assets in a judgement.

Mixing personal and business  and/or mixing different company finances will void that registration in a court of law.

If the one LLC, owned several properties, and the properties were not registered as an LLC individually then one business file with classes will work