I would only say “yes” if you are Google but my guess is that you are not. If it is a corporate logo and you are just starting to build brand recognition, then you will want to make sure your identity stays intact and establish guidelines around how it is used (brand standards style guide).

If you are wanting sub brand products/services under the parent brand, you can use elements within your logo and use different colors to identify the sub brands but make sure they all look like part of the family.

A logo is only your visual identity and does not create your “brand.” Your brand is created by your clients/customers.

Here is a short article we have published on logo and identities. http://www.bronsonma.com/etips07.php