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Surrounded by Assholes
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Discussion Starter #1
I'm starting a business in the next couple of months (a long story that I'll get into some other day). There will be two distinct businesses (with some similarities) to begin with, but I may branch out into other completely unrelated fields some day down the road, who knows.

So, can each of my businesses have their own distinct name under my company "x's" umbrella, or do they all have to share my umbrella company's name?

For example: I set up a company named "Chandler". I have a t-shirt business, a cleaning supplies business, and an officer furniture business. Do each of those businesses have to be called "Chandler such and such...." or can they be called "Acme t-shirts", "XYZ Cleaners" and "Doofus office furniture a division of Chandler LLC".

Does that make sense to you guys?
 

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Biebs Ain't BabyDaddy!
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Depends on how it's structured. I'm not familiar with Canadian business law but if it's anything like US law, you could form something like an S-corp as your parent company - we'll call it "Socialism, Inc." :thumbup Then, for all of your sub companies for laundry and whatever else, you can make individual subchapter S subsidiaries. That way each can be controlled by you, but each is in its own little cocoon, and that way if your laundry business goes up in smoke, the law won't be able to take the assets from any of your other subs, or your parent company, "Socialism, Inc." Also losses from the subs can flow through and help to offset gains from Socialism, Inc. So you can have Lenin Laundry, Inc. and Marxist Mowing, Inc. all operating at a loss, and offsetting the enormous gains you are incurring in Socialism, Inc. I know Canada calls them something other than "S-corps," but whatever the Canadian equivalent is sounds like something you could look into. Canada may have laws that allow you to form a business entity that's even more advantageous to your wants than a US S-corp, so enjoy paying your lawyer and your accountant. Is your wife going to be taking care of the legal work? And I don't know how Canadian tax law relates to any of what I talked about above, either, but it's an idea to get you started. God speed. :rockon
 

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Check with your states DOR, you can have one parent company with a single tax ID and multiples DBA's (doing business as) under it or two separate companies which would be two separate tax ID's
 

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Surrounded by Assholes
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Discussion Starter #5
Check with your states DOR, you can have one parent company with a single tax ID and multiples DBA's (doing business as) under it or two separate companies which would be two separate tax ID's
That's pretty much the ticket. I'll have my parent company (who's name I haven't narrowed down yet) with single tax ID, and for now 2 DBA's. My problem is with marketing. I could market the two together since they are in similar fields of business, but I don't want to run the risk of unnecessarily confusing the customer. On the other hand, advertising separately can be twice the cost. :thumbup
 

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Check with a tax lawyer. I have an LLC for my real estate. There are different options like S-corps, LLC's, and Inc., a tax lawyer can tell you what is best for your situation.
 

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I would have one company name and then branch names (if that makes sense). IE. "chandler LLC" then maybe "Acme t-shirts, a subsidiary of Chandler" IDK if thats worded right but hopefully you catch my drift.

My tires on my Beretta say Falken but in small print they say Sumitomo rubber Co. Something like that.

That way you can distinguish each individual company but still advertise the name of the main company?
 

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That's pretty much the ticket. I'll have my parent company (who's name I haven't narrowed down yet) with single tax ID, and for now 2 DBA's. My problem is with marketing. I could market the two together since they are in similar fields of business, but I don't want to run the risk of unnecessarily confusing the customer. On the other hand, advertising separately can be twice the cost. :thumbup
you could advertize them together at first then separately once they get larger.
 

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Captain Squiggy and the Shrimp Shack Shooters Superstore...Im sorry....being a smartass...
 
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