I have a single member LLC I started many years ago. Over the years I've started various different lines of business through the same LLC. These include:
1. Buying/selling domain names
2. An online service/web app
3. Software engineering for clients through a consulting firm as a 1099-MISC contractor
Each line of business, obviously, has different revenue and expenses. In practical terms, when I say these are "through the LLC", that simply means I use the same business bank account, registered to the LLC, for all the transactions. (Not an expert here, obviously, so possibly that's not really enough to establish that these businesses are really part of the LLC?)
Does the fact that I run these through the same LLC mean that I should report this overarching business on a single Schedule C? Or should I file a separate Schedule C for each logically independent line of business?
1. Buying/selling domain names
2. An online service/web app
3. Software engineering for clients through a consulting firm as a 1099-MISC contractor
Each line of business, obviously, has different revenue and expenses. In practical terms, when I say these are "through the LLC", that simply means I use the same business bank account, registered to the LLC, for all the transactions. (Not an expert here, obviously, so possibly that's not really enough to establish that these businesses are really part of the LLC?)
Does the fact that I run these through the same LLC mean that I should report this overarching business on a single Schedule C? Or should I file a separate Schedule C for each logically independent line of business?