I have decided to answer some of the questions I am getting on my email here in the blog. I know many readers have similar questions so hopefully this will help.
I have used https://incparadise.net for my incorporation needs and have been impressed. I have also been reading your blog recently and plan on using your 80/20 strategy for tax purposes.
I have a question regarding forming an entity:
My wife has a personal chef business and I have a marketing consulting business . Rather than form a separate LLC for each business, we thought about creating one with a name such as âAB Enterprises, LLCâ? where income from both businesses would go under that one main LLC. This would greatly simplify our bookkeeping and banking.
Is this recommended? Is this a smart way to set up multiple small businesses? Is it better to set up separate entities for protection purposes? Please point me in a direction where I can get information on this.
Thank you for kind words. I personally run several business under one company. The reason is what you mentioned. Simplification of record keeping, bookkeeping, payroll, etc. I personally don’t see any problem with that.
In case you need two different names then you can always file DBA, but you will still keep both businesses under one company. For example our company name is EastBiz.com, Inc. and we do incorporation services, but I also run real estate brokerage MillionSaverHomes.com. It is run also under EastBiz.com, Inc. and we only registered MillionSaverHomes.com as DBA (doing business as).