Can we have a combo LLC company?

[Kumar Gaurav]

Hello,

I just wanted to know if to know if it's possible to own an LLC that offers a combination of services residential ( rentals) as well as consulting such as software consulting service so that everything is under one umbrella.

Thanks

[Dave Spooner]

@Kumar Gaurav You absolutely can! The main purpose behind an LLC is to separate assets to limit liability (hence the name). For example, if you own 3 properties and also run your consulting business through one LLC and someone sues your consulting business, they could technically go after your 3 properties as well (depending on the judgement on the case).

Some landlords put each of their properties in different LLCs to isolate them and provide maximum protection. It's probably overkill, but you also likely don't want to have a huge number of properties and assets under one LLC. Just find the right balance of protection you're comfortable with.