Hi, I am new to this site but am psyched that I have found it! I am looking
into incorporating -- right now I am a dental hygienist who works on a 1099
basis, I sell products through a network marketing company part-time, my
husband and I own a condo and want to buy investment property, I have an idea
for intellectual property that I want to sell on the internet....do I have to
set up different corporations for each business venture or can I somehow
house it under one corporation? Any thoughts or suggestions are greatly
appreciated!

To make a minor correction to BMT's statement on this page, a multiple member
(multiple owner) LLC is treated by default treated as a partnership for tax
purposes. But it's not actually a partnership. And when you apply for your
EIN, you do want to indicate that you're applying for an LLC.

Also, note that a single member LLC is treated by default as a sole
proprietorship for tax purposes.

Finally, both single member and multiple member LLCs may elect to be treated
as corporations including as Subchapter corporations (if they meet
eligibility rules).

Any one knows a link of the government site that a company applies for free grant to expand the business? If yo know please post the links to all those sites please. Please note that Community members may include only one (1) link in their signature line. Any additional links to websites, social network profiles, or email addresses will be removed.

Unfortunately a Sole Proprietorship or DBA can not simply convert into an
LLC. A new LLC would need to be formed. I suggest enlisting the help of a
document filing service. They can fill all requirements just as well as an
attorney can, but costs only a fraction of what an attorney would charge.

A single member LLC does need a new EIN so that the IRS knows you're now
operating as an LLC.

Note: A single member LLC (assuming it's operating an active trade or
business)is treated as a sole proprietorship for tax purposes, but it may
elect to be treated as a S corporation.

I agree with BizResearcher that you want an operating agreement. (Note: A lot
of the operating agreements we sell off my site actually go to attorneys who
use them as starting points.)

BTW, do check out the option of electing S status for your LLC. It can save
tons of tax.

Hi, BMT and BizResearcher offer great insight. You can find information about registering with your state's agency here, in addition to details about obtaining your tax ID in general. Good luck!

Before getting a new EIN you need to register your business with your state
or county agency that handles such matters as an LLC. You should be able to
find the form you need to register as an LLC on their website.

You will also need to have an attorney create an Operating Agreement for you.
If you were a sole proprietorship, the cost for an operating agreement should
be minimal.

You will have to apply for a new EIN - to the IRS - a LLC is just a
partnership - thus, follow those rules. Here is their information:
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Do-You-Need-a-New-EIN%3F