Go Back   Technibble Forums > The Computer Repair Business > Business and Legal Issues

  Technibble Sponsor

Reply
 
Thread Tools Display Modes
  #1  
Old 07-05-2012, 01:29 AM
venist venist is offline
 
Join Date: Jun 2010
Posts: 93
venist is an unknown quantity at this point
Default Owning multiple businesses

I was just wondering what some of your opinions are about owning multiple businesses. I know that at times I have read that some of you do own companies that have nothing in common. However I know that multiple sources of income is good based on the fact that one industry may be booming while the other may be slow.The reason I ask is that I have a family member asking me to become a business partner which puts me at 49% ownership in thier company. It also puts me in a position to be in charge of all of our "IT needs" and purchasing decisions which will go through my current computer business.

What are some of the challenges that some of you have gone through dealing with being co-owners and sending work to your other business. I know that having your paperwork in order about who is who and what is what is definately needed. But id still like to hear from all of you because I know that all of us weren't always in the computer field.
Reply With Quote
  #2  
Old 07-05-2012, 02:09 AM
callthatgirl's Avatar
callthatgirl callthatgirl is offline
 
Join Date: Jan 2010
Location: Minnesota
Posts: 3,150
callthatgirl is a jewel in the roughcallthatgirl is a jewel in the roughcallthatgirl is a jewel in the rough
Default

I own 5 companies, including the computer repair biz. Most of them all support the computer repair biz side of things somehow, usually for marketing value. Only 3 are official LLC for tax purposes, the other 2 are coming at the beginning of 2013.

Only one venture is a joint with an outside partner, I vowed to never partner with anyone, but this one is going to a considerable income source and we have to had to be official with it from the get go. So far, we are doing fine with the agreements.

Sounds like you are in a good position to do another business that compliments yours, just be sure to watch all the invoices/taxes and keep that stuff in order right away.

Joint ventures make me nervous. But I'm seeing it more worthwhile as I continue on being an entrepreneur.
__________________

To download and start learning now click here

Interested in learning even more? Check out my podcast on the Podnutz network! Show 8 is now up!
Reply With Quote
  #3  
Old 07-05-2012, 02:45 AM
emsbronco's Avatar
emsbronco emsbronco is offline
 
Join Date: Jan 2010
Location: Wayland, NY
Posts: 260
emsbronco is an unknown quantity at this point
Default

I have a rental house in my own name and my business owns the building that we're in. I probably should have formed a seperate LLC for the property ownership, but I didn't think of it at the time. But, i have 2 business rental incomes that cover the cost of the building my store is in.

My wife runs a packing and shipping business as an LLC.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 09:48 PM.


Powered by vBulletin®
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Technibble.com is based out of MELBOURNE, AUSTRALIA.