Member
Hi everyone, I was wondering how people deal with owning multiple business' (5+) and paying their income tax. I was thinking about opening a parent company that would essentially own all of my other developments... thus allowing me to make one large expense tab. Let me know your opinions on this matter!
Member
bump, gotta figure this out.
Moderator
What structure are your existing businesses? LLC? Sole Proprietor? S-Corp?
What are your existing businesses? Are they related?
-dr
Member
Most of them are Sole Proprietorships and a one or two are S-Corp. Unfortunately, they are not very related to eachother (e.g. global import/export, web news network, business development)
YE Veteran
No matter what the structures are, pay an accountant AND a cpa to take care of all that stuff for you. Why both? because they are different and do different tasks and are more specialized in the individual tasks of each job description, as opposed to one person doing both jobs.
Yeah it costs money, but really not that much, and its well worth it.
______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum
Last edited by radreality; 11-16-2007 at 07:14 PM.
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