Three separate businesses under one S corp
Asked by: Lela - 19 July, 2013
I have two existing sole proprietorships and would like to run them under an S corp. Would I need DBA's, separate EIN's, Sales tax accts, etc. One is retail the other is service based. I also recently purchased a Laundromat and want to run it under the S Corp.
I have two existing sole proprietorships and would like to run them under an S corp. Would I need DBA's, separate EIN's, Sales tax accts, etc. One is retail the other is service based. I also recently purchased a Laundromat and want to run it under the S Corp.
Answered by: Robert Kowalski - 21 July, 2013
Lela,
EIN and Sales Tax ID are assigned to each legal entity, so if you are running several business under one entity you only need one EIN and one Sales Tax ID.
??hat being said, you should remember that putting different businesses under one legal entity would expose each of those businesses to the liabilities of other businesses, so you might want to consider separating the more risky businesses into their own legal entities (LLC or Corp).
Lela,EIN and Sales Tax ID are assigned to each legal entity, so if you are running several business under one entity you only need one EIN and one Sales Tax ID.
??hat being said, you should remember that putting different businesses under one legal entity would expose each of those businesses to the liabilities of other businesses, so you might want to consider separating the more risky businesses into their own legal entities (LLC or Corp).
