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#1
07-05-2012, 01:29 AM
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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. 
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#2
07-05-2012, 02:09 AM
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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.
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#3
07-05-2012, 02:45 AM
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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.
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