Cyrus, who was seen checking out men's fashion shows at SoHo fashion trade show Project New York, has also started doing some research for the 22-year-old actor, reported New York Post online.
"Liam's looking to get his start in the business, and may be thinking of launching a label of his own," a source said.
Last month, Hemsworth was unveiled as the new face of Bench clothing following in the footsteps of a number of stars including Joe Jonas, 'The Vampire Diaries' actor Michael Trevino, 'Pretty Little Liars' singer Lucy Hale and 'American Idol's David Archuleta.
Hemsworth proposed to Cyrus in May with a 3.5-carat cushion-cut diamond ring, handcrafted in 18-Karat gold from Neil Lane which he designed himself.