Pretty specific question on being a class C contractor

[ncouraged]

So, currently I work as an ROV Pilot/Technician. What that is, is I go offshore for about 6 months a year and I fly and maintain undersea robotic vehicles. I've started an LLC for this as I'm a 1099 contractor, I elected to be an S corp for some tax reasons, pay myself a salary, and I kept my offered services vague and broad to Virginia so I can dabble in other things too. IE, my company name is something like "My Name Services LLC"

My background is heavy in welding and fabrication but I have been in and out of the construction industry for 8 + years. Doing welding, rough/fine carpentry, heavy equipment use and maintenance ect ect.

So, in dabbling with other things. When im not out at sea, I'm off. I don't have to report to an office nor do I get paid for my time home. Needless to say, I have a lot of time on my hands. My thinking is to apply and obtain my general contractors, Class C license. Here in Virginia, that would be $1000-$10,000 dollar jobs. Which is all I'd be interested in doing.

My question is, the maximum annual revenue for this Class C is $150,000.
My current LLC brings in $130,000 on a 6 month year. Am I'm limited to just $20k extra if I obtain my Class C under the same business entity? Even if my offshore contract isn't based out of VA and doesn't require the contractors license?

I really dont want to because of all the hurdles and organization but would it just be easier to start another company?

 

[showtime2507]

@ncouraged You should never have your personal name in your corporate name that would be to easy if a law suits where to happen

 

[ncouraged]

@showtime2507 It's a spin off my name. If I were named John Wilson the company name is Jilson Services LLC.

It's probably too close for comfort...

 

[showtime2507]

@ncouraged I only advise that as I over heard the other day from
My best friend dad who been practicing asset protection laws for over 30 years tell one of his clients that the other day. When he asked them what name did you come up with so he could finished alll the finial documents he needed to register it for them and structure the loans for them

 

[ncouraged]

@showtime2507 Understood. I've definitely heard similar things. I wasn't too worried as I have only one client for the Offshore gig. And I'm "hired" through a third party company that protects me from that client.
This reddit thread was the question that needed to be answered before expanding that LLC to other services or to start another.
GLAD I ASKED.
Thanks again, 3957

 

[showtime2507]

@ncouraged Anytime brother.

 

[showtime2507]

@ncouraged Always have each offering in another llc so if your service goes south they can only go after that one company. I would highly recommend talking with an asset protection attorney and or a good tax attorney with a good cpa to help make sure your fully protected.

 

[ncouraged]

@showtime2507 Copy that. Seems like this is the route with others that have commented.

Thank you

 

[showtime2507]

@ncouraged Your very welcome

 

[showtime2507]

@ncouraged I would add more to it but can’t remember how he worded it.