Hi There,
I am a sole proprietor and I have licensed two separate Colorado LLC businesses under my personal ownership. My First is an architectural design service, and then I started the second as a building surveying service catering to my fellow architects. The second business concept needed it's own identity to be branded in a way that would not be hostile towards the target market. When I filed the LLC for the second business I did it under my name, thinking it would be simpler than a holding company and that if I ever wished to sell one of them, the lines would be clear.
So now I have revenue coming in from both sources. But since I am a sole-proprietor, they both become disregarded entities by the IRS.
I basically make a part time income and just use a cash based accounting method.
I use the Outright accounting program.
When it comes to equipment or office expenses, they are basically shared assets between the two companies. But obviously income and specific project related expenses are, well specifically project related. With the intent of keeping things simple, are there any special considerations I need to take into account? Any advice from anyone who has been down this road before?
Thanks in advance for your help.
I am a sole proprietor and I have licensed two separate Colorado LLC businesses under my personal ownership. My First is an architectural design service, and then I started the second as a building surveying service catering to my fellow architects. The second business concept needed it's own identity to be branded in a way that would not be hostile towards the target market. When I filed the LLC for the second business I did it under my name, thinking it would be simpler than a holding company and that if I ever wished to sell one of them, the lines would be clear.
So now I have revenue coming in from both sources. But since I am a sole-proprietor, they both become disregarded entities by the IRS.
I basically make a part time income and just use a cash based accounting method.
I use the Outright accounting program.
When it comes to equipment or office expenses, they are basically shared assets between the two companies. But obviously income and specific project related expenses are, well specifically project related. With the intent of keeping things simple, are there any special considerations I need to take into account? Any advice from anyone who has been down this road before?
Thanks in advance for your help.