With a second business, you might consider using am S Corp for one and a C Corp for the other. The S has the money flow to your tax return while the C pays its own taxes. The first 50k of income for the C corp is taxed at 15%. The C also allows for better fringe benefits such as health...
My friend has a LLC for some property he owns with his wife. I know that a husband and wife count as one for the number of members (owners) and the LLC has zero asset protection.
The question is, if he adds his kids, under 18, will he get around the solo ownership have a valid LLC, asset...
The question is do you another owner? If you form a LLC with only one member (owner), it IS a sole proprietorship. There have been two court cases that affirm that. Albracht in CO and another case in CA. The IRS disregards a one member LLC and has you fill out a schedule C that sole props...