Legal Question in Business Law in Illinois

Re: Lot of Irons in fire

A single business entity (LLC or corporation, for example) can engage in multiple unrelated businesses, but if the businesses are all conducted within the umbrella of one entity, then all of the business assets of each business will be exposed to the liabilities of the other businesses.

You have to ask yourself (1) what are the potential liabilities of the businesses and (2) are the assets worth protecting at the cost of forming separate entities?

If the liability exposure is relatively low or if the assets in each of the businesses is minimal, you may conclude that there is little risk in lumping the assets and liabilities of the different businesses together. On the other hand, if one business has substantial assets and a different business is a type that could create significant liabilities, then it is probably not wise to use the same entity to operate both businesses.

David K. Staub, an Illinois business attorney

Re: Lot of Irons in fire

Yes, one corporation would be sufficient under most circumstances. Your second topic can not be answered with the limited facts provided.