QUESTION
I want to know if in Ks. I can have more than 1 business under 1 LLC
Asked on Jan 25th, 2018 on Corporate Law - Kansas
More details to this question:
I want to set up a LLC . I want to be protected by the LLC. I want to have a food truck now then later add 2 more businesses under the same LLC. Also I want to have 3 in the partnership- My wife, son , and me. My son to be in it just in name. No income or taxes no debt. Is all of this possible. who can I contact to set it up.
1 ANSWER
John,
A Kansas LLC can own multiple businesses. The prupose of an LLC is to protect the owner from liability of business conduct. The LLC and its assets are at risk, not the owners personal assets. The only reason to create mutiple LLC's is to protect the assets of one LLC from the risk of another LLC. if you have all three businesses under one LLC, all of the LLC assets are at risk from any one of the businesses. if you have a problem with your food truck, the assets of the other businesses are at risk, not just the food truck. you can have multipal owners as well. a LLC operates by an Operating Agreement, which is like a partnership agreement between the owners. Jeff
Answered on Feb 12th, 2018 at 1:57 PM