[Camosilver]

I have multiple business ideas that I may or may not act upon, however, I do have a few questions.

First off, I was wanting to set up one main business entity and have all of my other businesses owned by thein company... so if I am part owner of one company, that share of the company would be held by the main company. I would like to simplify everything when it comes to paperwork, records, and taxes, and I am not sure if this is the best way to go about it, but I thought I would ask. Some of the businesses I have in mind would be soley mine, while others might have multiple owners.

One main concern of mine is how I will be paying myself: from what I have been reading, most business entities are set up where I would pay myself a set salary, and with an s-corp i believe you can also pass off profits above your salary as dividends to yourself... BUT, is there any way I can avoid paying myself a salary, and just take profits as I see fit as my pay? I just don't see how I can set a salary for myself when I can't be sure exactly how much revenue to expect. My only two options I am considering right now as a form of entity are the LLC and S-Corp, do I have to pay myself a salary with both of these entities, or is there a way around it?


FYI, some of the businesses I have in mind are:

-used car sales (I have a partner on this one, and we are both already in the used car business with most of the necessary contacts, but not actual dealers)

-new home contruction cleaning(I have a friend who owns a builder who will give me work), can also do work for real estate agents and property management companies cleaning homes when people move out or are evicted (i am a current real estate agaent and former property manager who has these contacts already)

-ebay sales, considering software since it has such a huge mark up



I have many more questions, but my mind is drawing a blank right now. If anyone can give me any words of wisdom or advice any any of the above topics, I would appriciate it.

Thanks,

Eric

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You really need to consult an attorney to determine your best option based on your situation.

I am in a similar situation, in terms of ownership of multiple businesses, some of which I own 100% and others of which I own less than 100%. Each is operated as its own LLC, so that if one company incurs liabilities exceeding its assets, the other companies will be unaffected. Also, I do not pay myself a salary with an LLC. Rather, I am taxed on the full amount of taxable income, whether I pay myself or not, and I simply decide how much money, if any, I choose to pull out for myself.

Still, I highly recommend speaking with an attorney, as every situation is different, and your decision should be based on your situation and not anyone else's situation.

[Camosilver]

Thanks. I was planning on sitting down with an attorney next week sometime, but I figured it wouldn't hurt to ask what others are doing.

Please, keep the advice rolling!