Is it possible to run multiple businesses under a single LLC? Taxes and banking questions

You can absolutely run multiple different businesses under a single LLC! This is actually pretty common for entrepreneurs who have diverse interests. The LLC is just a legal wrapper that provides liability protection. For banking, you're not legally required to have separate accounts, but it's highly recommended for accounting clarity. Having separate business checking accounts makes it much easier to track income and expenses for each business activity. This will save you major headaches at tax time and help if you ever face an audit. For taxes, since an LLC is a pass-through entity by default, you would file multiple Schedule Cs - one for each distinct business activity. Each Schedule C would list the same LLC name but have different business activity codes reflecting the actual business being conducted. Make sure you're keeping detailed records of income and expenses for each business separately.

I was in the exact same boat last year with multiple side hustles and one LLC. I tried figuring it out myself and got so frustrated with conflicting advice. Finally used https://taxr.ai to analyze my specific situation, and it was a huge help! I uploaded my LLC docs, described my different business activities, and got a custom report explaining exactly how to handle the multiple Schedule Cs and what documentation I needed to keep.

Just wanted to follow up and say I tried https://taxr.ai after seeing the recommendation here. It was super helpful! I've been running my photography business and social media management service under one LLC, and was so confused about tax filing. Their analysis clarified everything - I now understand exactly how to handle multiple business activities with different codes on Schedule C. They even provided templates for tracking expenses that can be shared across business lines (like my home office and software subscriptions). Definitely worth checking out if you're in this situation.

I went through this exact scenario last tax season. Had one LLC with three different business activities and needed answers from the IRS about how to handle some shared equipment expenses. After trying for TWO WEEKS to get through to someone at the IRS (hung up on 4 times after waiting 2+ hours each time), I finally used https://claimyr.com and got connected to an IRS agent in under 45 minutes. They have this cool video showing how it works: https://youtu.be/_kiP6q8DX5c. The agent confirmed that yes, I needed to file separate Schedule Cs for each business activity but could allocate shared expenses across them.

Update on my comment above: I have to eat my words. After another failed attempt to reach the IRS on my own about my multi-business LLC question (got disconnected after 3.5 hours on hold), I broke down and tried Claimyr. I was connected to an IRS representative in about 35 minutes, and they answered all my specific questions about handling multiple business activities under one LLC. They confirmed I needed separate Schedule C forms but could use allocation methods for shared expenses. Honestly, I'm shocked it worked so well. Lesson learned - sometimes paying for convenience is actually worth it when dealing with government agencies.

I've been running a woodworking business and a consulting service under one LLC for 3 years. Here's what I've learned: 1. You definitely want separate bank accounts OR extremely good bookkeeping software with tagging capabilities. Commingling funds between different business activities creates a nightmare at tax time. 2. For Schedule C, yes, you file multiple forms - one for each business activity with its appropriate code. 3. Insurance can be tricky - make sure your policy covers ALL your business activities. I found out the hard way my policy only covered my woodworking.

Has anyone tried QuickBooks for managing multiple businesses under one LLC? I'm wondering if it can handle this situation well or if I need something else.

I've been through this exact situation with my LLC running both a landscaping service and freelance graphic design work. One thing that hasn't been mentioned yet is the quarterly estimated tax payments - you'll need to calculate these based on the combined income from all your business activities under the LLC. Also, for your specific businesses (dog grooming, food cart, web development), make sure you research any special licensing requirements for each. The food cart especially might have health department permits and potentially different insurance requirements than your other activities. Some states also have specific regulations about mobile businesses that could affect your LLC structure. The separate bank accounts advice is spot on - even if you use one main account, at minimum get a business credit card dedicated to each activity. It makes expense tracking so much cleaner when tax time comes around.

I'm running into a similar situation with my LLC that handles both my freelance writing business and a small Etsy shop selling handmade jewelry. One thing I learned the hard way is to make sure you're tracking your time spent on each business activity, not just the income and expenses. This becomes super important if you ever want to claim the home office deduction - the IRS wants to see how you're allocating that space between different business uses. I use a simple time tracking app to log hours for each business, which helps me determine what percentage of my home office expenses should go to each Schedule C. Also, @Chloe Zhang, since you mentioned a food cart, definitely check with your local health department early. In my area, food service businesses have to register separately even if they're under an existing LLC, and the inspection requirements are pretty strict. You don't want to get everything set up only to find out you need additional permits or modifications to operate legally. The banking situation really does make a difference for organization. I started with one account and it was a nightmare trying to separate everything come tax time. Now I use separate business checking accounts - yes, there are monthly fees, but the time savings and peace of mind are worth it for me.