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Four different companies, or one single "do it all" consulting firm?

Discussion in 'Business & Tax Advice' started by hateandbreak, May 27, 2012.

  1. hateandbreak

    hateandbreak Supreme Member

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    Hey guys I have a question for anyone here
    who as started multiple companies and all that good stuff.

    Seeking your advice. I have four different services
    I will be offering and I am wondering if I should
    do each one separately and manage 4 different
    companies on different domains and etc, or
    just create one website, covering all the services
    as a single consulting firm that specializes in the
    whole vastness of marketing and such?

    Any experience as you may have been in this same
    position? What did you end up doing, or what will
    you be doing if you are in this exact spot?

    As far as taxes for four different LLC's, how would
    that be, pitfalls I should know about or potential risks etc,anything?
    Id appreciate any advice regarding this position!

    Thanks in advance :)
     
  2. nerfsmurf

    nerfsmurf Junior Member

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    @hateandbreak

    Well, 2012 is almost over and I am interested in what you have found out!
     
  3. s3v007

    s3v007 Junior Member

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    Dang! When I saw this thread I got excited since I am in the same situation! Would love to hear what you settled on.
     
  4. bitencrypt

    bitencrypt BANNED BANNED

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    imo, Go with 1 single company. i believe you will save more money.
     
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  5. hateandbreak

    hateandbreak Supreme Member

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    Totally came across this thread by chance while viewing my threads. I went with one company, don't bother with multiple, just one consulting company will save you time and money not to mention hassle. ;)
     
  6. Moneyman94

    Moneyman94 Junior Member

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    When setting up entities there are some basic rules to keep in mind. There main purpose should be to protect you as an individual as well as giving you the most deductions you can come up with. A good example of a business with multiple entities would be a construction company. If they own their building and a few trucks as well as other higher end equipment and it is all owned in one entity they are possibly setting themselves up for disaster. If someone falls on one of their job sites they can be sued against all assets. The better way to structure for them would be to put the building in 1 llc, have the equipment owned by either a c corp or an llc and put the construction business in a c corp. Now if the same person falls at a job site they can only sue the construction business. They will never get the equipment of the building. By having all of them you paint a big target on your back for a lliar (sorry lawyer) to come after a fat paycheck. Consider this in your own decision making.

    I hope this helps
     
  7. scorpion king

    scorpion king Senior Member

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    I recommend you to go for 4 at one site. Because, it look like a big company. Also, its easy to manage(SEO). If you put your address and do G+local listing it tigers google if you use same address on different sites.
     
  8. trshosta

    trshosta Newbie

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    I guess if they are related, or you are offering the services to the same client, it would make it easier to just have it all under one company. Not sure about tax benefits though.
     
  9. Ebcompany

    Ebcompany Registered Member

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    I would create a class S corp and then just run the businesses as dba's under that s corp....such less pain than run 4 different LLC's or s corps....same protection. Then the s corp owns each individual business not you....you are just the shareholder in the S corp. Of course it can be done with a LLC that files to elect as a subchapter S as well.
     
  10. Moneyman94

    Moneyman94 Junior Member

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    There are advantages and disadvantages to "C" & "S" corps. Disadvantage with an "S" is you lose your deductions if you dont take them by the end of the year on your taxes. The "C" carries over forever. The "S" is a pass thru and avoides double taxation, but there are ways to use multiple entities and avoid the double tax.