Multiple LLCs

paveseparalegalconsulting · ‎January 10, 2019

Hi,

In 2018, I tried to start a subscription box business. I made many purchases, spent millions of hours, but needed immediate income and didn't launch anything. During that process of purchasing supplies, I changed the LLC name.

In November 2018, I changed the LLC name AGAIN to the current one that I am using and potentially looks like a good chunk of 1099 income.

My question is: Do I put the first 2 LLCs in QB (desktop pro 2019) to make tax time easier? Any thoughts or suggestions?

Thanks!

qbteachmt · ‎January 10, 2019

Talk to your own tax advisor. If these are single-member LLC, you will be filing on Sched C anyway, so there is not difference. The Name is a DBA.

paveseparalegalconsulting · ‎January 14, 2019

They are multi-member. I meet with accountant tomorrow!

qbteachmt · ‎January 14, 2019

Remember that "1099 Income" is meaningless. You report All Business activities. If you sell products, people don't send you a 1099-misc, and even if you have $1million in service sales, if every client pays $500 in the year, no one sends a 1099-Misc to you. That is Informational, not your own Business Data.

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Multiple LLCs

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