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I have an S-Corp for my internet business which involves two web sites. The S-Corp is my company name and then the web sites have two domain names. My question is; I'm thinking of starting a service based business, no store front and it would also be home based. Can I just make up another name and run my income from this business through the same S-Corp? Thanks.
Hey Rapture, you really need to sit down with a tax accountant and a lawyer that specializes in company organizations for your state. You maybe able to do exactly what your describing but how advantageous from a Federal and State tax standpoint is your idea? That's the million dollar question that can cost you big money in the long run. My tax accountant and business lawyer are two of my company's most valuable assets.
Hey Rapture, you really need to sit down with a tax accountant and a lawyer that specializes in company organizations for your state. You maybe able to do exactly what your describing but how advantageous from a Federal and State tax standpoint is your idea? That's the million dollar question that can cost you big money in the long run. My tax accountant and business lawyer are two of my company's most valuable assets.
Thanks and agreed. Problem is, in the last 3.5 yrs living here I've been through three accountants (bad and caused me fines) and have yet to find a good attorney that has a clue. I don't know why that is but it seems like I get better advice on the internet.
As bulldogdad said, whether you are permitted to do this and whether it's a good idea to do it are 2 separate questions. Aside from possible tax issues there could also be liability issues. If someone sues you for problems related to one of the businesses you could lose everything, whereas if you have each business set up as a separate legal entity that would not be the case. Find an attorney from a "boutique" that specializes in small business matters.
Thanks and agreed. Problem is, in the last 3.5 yrs living here I've been through three accountants (bad and caused me fines) and have yet to find a good attorney that has a clue. I don't know why that is but it seems like I get better advice on the internet.
That really sucks. I feel for you. My accountant and attorney were referrals from some of the most successful business owners in my area. One of them my Dad. Fortunately for me they are also long time residents and know the state regulations very well. If I were you I would attend a few local Chamber of Commerce functions make some contacts with long time business owners and see who they are using. The Chamber President will probably tell you who is the best in your area. They will not be cheap by the way. Good Luck.
IMO, a corp should sell products according to the code used during incorporation. If you are set up as a computer repair and then start selling ladies undies, things could get confusing, you would miss out on targeted listings, and not be taken seriously if the business took off. There are exceptions, but I'd start a new corp.
IMO, a corp should sell products according to the code used during incorporation. If you are set up as a computer repair and then start selling ladies undies, things could get confusing, you would miss out on targeted listings, and not be taken seriously if the business took off. There are exceptions, but I'd start a new corp.
I agree but my company name is generic enough that I can sell almost anything under it. I would be using a different name anyway for the new business being the web site names are whatever their domain is. It would be like d/b/a.
It seems most people are saying start a new corp. which may be the right thing to do but it's not cheap. The paperwork for the one corp. is a pain in the neck and to have my taxes done are already a nightmare plus cost me more. So far the only benefit I've seen was being able to pay myself and partner dividends w/o being taxed twice, which is a nice benefit. My internet business at this point doesn't make really a lot of money, it's really just side money. I wonder if I did add this new business under my current S-Corp now but can change it later? Obviously I need a good accountant but seems hard to find.
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