I have a single member LLC in Oregon. I've been operating a coaching biz and reporting income on Sch C, using my SSN. I now want to have a second income stream, building websites. Can I still use the SMLLC, my SSN, and report on Sch C? ====>it depends; By default, the IRS treats single-member LLCs as sole proprietorships. (That is, if you don't make an election, your single-member LLC will be treated as a sole proprietorship.)
As a sole proprietorship doing business through an LLC, you do not need a separate EIN number unless you have employees or are required to file excise tax returns. By default, owners of single-member LLCs report the business profits and losses from the LLC on their personal tax returns using their own Social Security number or tax identification number. Owners of single-member LLCs are not required to have separate EINs because they are not considered employees of the LLC by the IRS. However, if your single-member LLC has other employees you are required to obtain an EIN and file employment taxes.however to open your biz account with a bank you defintiley need an EIN
Or since it's a different class of business, do I need to have a separate LLC?======>no;your SM LLC can also be used to own other businesses. The same flexibility in tax treatment
If a separate LLC, can I still file on my tax return, using another Sch C?==>you need to file 2 Sch Cs for the two separate businesses and report all of the income on your 1040. |