What is the name of your state? Pennsylvania
Hoping someone can at least point me in the right direction on this one.
I'm going to make up a fictitious example here to try and simplify my question. Since I'm GameGuy I'll stick with that theme
Let's say I have an LLC formed already and this particular business makes video games. We'll call this business "GameGuy's Games".
Then let's say I'd like to get into the business of making video training simulations (not the same as video games, but related in a lot of ways.) Let's say I want to call this particular part of the business "GameGuy's Simulations".
My question:
Do I have to form a separate LLC for GameGuy's Simulations? Or can I somehow make it a division or subsidiary of GameGuy's Games? And still have them treated as a single legal entity for tax purposes, etc.?
I've seen people list their businesses as a division of Company ABC, or whatever, but wasn't sure legally how that's accomplished, the pros, cons, etc.
Haven't had much luck researching this one, but I'm guessing I'm just searching for the wrong things, or using the wrong terminology. Any help would be great!
Thanks,
GameGuy
Hoping someone can at least point me in the right direction on this one.
I'm going to make up a fictitious example here to try and simplify my question. Since I'm GameGuy I'll stick with that theme
Let's say I have an LLC formed already and this particular business makes video games. We'll call this business "GameGuy's Games".
Then let's say I'd like to get into the business of making video training simulations (not the same as video games, but related in a lot of ways.) Let's say I want to call this particular part of the business "GameGuy's Simulations".
My question:
Do I have to form a separate LLC for GameGuy's Simulations? Or can I somehow make it a division or subsidiary of GameGuy's Games? And still have them treated as a single legal entity for tax purposes, etc.?
I've seen people list their businesses as a division of Company ABC, or whatever, but wasn't sure legally how that's accomplished, the pros, cons, etc.
Haven't had much luck researching this one, but I'm guessing I'm just searching for the wrong things, or using the wrong terminology. Any help would be great!
Thanks,
GameGuy