Should I use my current LLC or Start a new one?

4 Replies

I just bought my first property and will be closing next week. I currently have an LLC here in IL that I gave a vague name to and planned on using it to make consulting money. Now, I don't do any consulting any more and only use that LLC for my Amazon Associates affiliate website. Which is basically a zero liability 'business' where I send people to amazon and get a small % of their revenue. I really don't need an LLC for it. Could I just create a DBA for my REI company?
A 2nd question I have is about organizing bank accounts. My LLC has a Chase business account/credit card, and my personal bank is Ally. Could I create a new checking/savings accounts under Chase or Ally for my REI business? I really like the 1% interest I get with Ally checking and would like to utilize that to store excess rental income.

In regards to your question you are completely able to transfer your LLC to additional service, however you may need to next time you register your LLC with the state alter classifications. In California for instance workman comp, and insurance rates are based on registration status. Adding a DBA to your LLC is a great method to expand services or protect your liability.

@Chad S. Yes. Set up a DBA so you can create a business account with your choice bank and operate that way. If your just starting out with no assets (or even if you do have assets) LLCs are a waste of money in my opinion. If you run a tight ship and understand the product you own and how to manage it, you can minimize the chances of being sued.

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