Starting a new Home Based Business

DemtroDemtro Posts: 1subscriber
edited January 2009 in Business Planning
First off I would like to thank everybody who takes time out of their days to read these forums and help others like myself who need assistance. 
 
Professionally I am a Network Administrator and have been for many years. I now want to take this one step farther and open my own business.  My wife also wants to open a travel agency.  We want to incorporate the businesses or create an LLC or something that will help to eliminate the risk to us personally.  I thought about creating a Parent Company incorporating it and then opening up these businessses under the parent company.  So for exampe we would have...
 
Demtro Enterprises (parent company)
 
Demtro Network and Technology
 
My Wife`s Travel Agency
 
Customers would do business with the travel agency, make checks to the travel agency, Etc but all purchases, expenses and the like would go thorugh Demtro Enterprises.
 
I am wondering if this is a good way to go about opening a business or if perhaps I am over thinking it.  I am looking for any and all advice I can get on the best way to do this.
 
Thank You
 
Demtro
 

Comments

  • robertjrobertj Tampa Bay, FloridaPosts: 0subscriber Member
    Demtro,
     
    In your scenario, your personal assets would be separated from any business liabilities - however, both businesses would be subject to any liability from one.
     
    Also, while you can keep the records separate for each business, for tax purposes all transactions (revenue as well as expenses) would be "rolled up" into the corporation.
     
    Every situation is different and the "optimum" direction depends upon the specifics of your situation. 
     
    Send me a PM or contact me directly if you want to discuss yours.
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