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Old 30th October 2007, 01:34 PM   #1
phase4
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Question I Am In Need Of A Little Help

i am new to this fourm so i thank all that can give some advice. i was wondering, if i own a company but wanted to start another under it umbrella with a different name and EIN# would i then have to open a sepperate bank account and file seperat taxes. this may be a dumb question but again thanks for any advice.

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Old 31st October 2007, 01:07 PM   #2
Raise Capital
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You may want to get with an accountant on this because he or she could save on some taxes.

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Old 31st October 2007, 02:15 PM   #3
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i agree with raise capitol in respect to getting with an accoutant. Also a seperate ein means a seperate entity even if it is owned by the first yes you would end up with a seperate bank account and a seperate tax issues. You could use a dba to do business under different names without seperating bank accounts and taxes. This however would leave them tied together for liability. It would be a good idea to speak with an accountant and/or attorney. If you could provide more details as to what you want to do and why maybe we could help a bit more.

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Old 1st November 2007, 10:27 AM   #4
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Thank you all for your advice I will defiantly speak with an accountant. To answer your question lithos I have recently started a credit cleaning company, we sell software that guarantees you a 125 point boost in 90 days or we right you a check for $100, and the sister company I was going to start a business consulting firm to help small to mid-size companies obtain lines of credit for working capital and expansion.

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Old 8th November 2007, 01:14 PM   #5
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This is a pretty good time of the year to meet with an accountant. People usually aren't busy... and have rested up from the extension tax season.

If you do need help, don't wait until the real tax season starts... by then, few people good will have any time to talk with you.

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Old 4th December 2007, 01:24 PM   #6
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I agree, speak with a good accountant.

Any accountants may be able to correct me if I am wrong here, but I do come across this problem being an SBA loan consultant dealing with Lenders-

but isn't it harder to sell one of the businesses later on when you file multiple businesses under one tax return? I know that Lenders want to review business tax returns when someone is purchasing an acquisition and when they are all combined on one tax return under DBA, how does a lender know how the business for sale is actually doing.

Anyone?

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Old 4th December 2007, 01:33 PM   #7
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I've kept different sets of books for more than one company held by a single business. If that is truly the situation, maintaining separate accounts is what matters I think. For example, invoices, checks received, expenses. separate.

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Old 4th December 2007, 02:00 PM   #8
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I used to work for a public accounting firm, with major multi national clients. This is exactly what we would do for them -- they would maintain individual sets of books for each subsidiary company or division, then we would consolidate all of them into a single corporate financial statement when it came time to prepare their tax return.

That way, you have individual books you can show investors/potential buyers should you decide to sell off one business, but you also only file a single tax return for the "corporate" business that owns/operates them all.

My

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