Question on using 1 LLC for 2 businesses
Can I use 1 LLC to conduct 2 very different businesses ? I am wondering if the IRS will object to it.
I have used the LLC for another business in the past. However, because of the economy that business has almost no revenue.
I have 2 rental properties.
Since I already have an LLC, I am wondering if I could run the rental income thru this LLC.
In the past I have used Schedule E for the rental properties.
I think by using the LLC I will get the LLC liability shield.
Any thoughts on this ?
Will the IRS wonder what is going on when they see a tax return of rental properties instead of what they saw in the past in the return? ie a totally different business.
Will this raise a red flag with the IRS?
Your take on the above subject would be great.
Ayesha Hansen