Dear Pick Marks Brian
I am a sole proprieter of a web bussiness, and i have multiple side projects i am doing, my wife also has a sole proprietor bussiness, we are looking to get a tax ID number for my web bussiness, but my question is this, should we incoporate under one banner and make her bussiness a subsidieary of mine, along with a sepoerate entity that is growing rapidly or are we better settign up two corporations.
I am not going to pretend to be an expert in this field. I bring all these issues to my accountant and do what she tells me to do.
Personally I do not think you should combine them. I do not see any benefit in that. Also you need to know what type of business to set them up as. An accountant would know better if you should C-corp, LLC, or SP your businesses. I personally would never SP a business due to tax and liability reasons.
Set up an appointment with your accountant and they will know what is best. If you don’t have an accountant call mine.
Alyssa Fox at Fox Tax Services in Minneapolis.
Good Luck and get those set up.