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Loren, Attorney
Category: Business Law
Satisfied Customers: 28514
Experience:  30 years experience representing clients .
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Im in Illinois and Im going to start a new online business

Resolved Question:

I'm in Illinois and I'm going to start a new online business and make it a series llc. I'm doing this so I can obtain multiple ein numbers to keep the different parts of my business separate. My question is when it comes to paying the taxes for the business, will I pay for all of the "baby" businesses that are under the "parent" business separately or do I combine everything? For example, let's say the parent company is XYZ Company and under it there are:
XYZ Company 2
XYZ Company 3
XYZ Company 4

All 4 of these earn $5,000 each. Will I report $20,000 in total earnings for XYZ Company or will I need to file and pay all 4 separately?
Submitted: 5 years ago.
Category: Business Law
Expert:  Loren replied 5 years ago.
A separate tax return would need to be filed for each entity earning money.
Loren and 3 other Business Law Specialists are ready to help you