Does anyone here own multiple entities? I have read the Florida state Corporate laws and the Wyoming laws and there is pretty much no reference to it or the conditions of owning more than one entity to an individual. I knocked out these laws about a month ago, then I found more laws underneath these laws and realized they are based on a uniform Business Corporation act. It seems like the same code for all the states only the powers that be in the states tweak it to encourage incorporation in their states. Especially Wyoming.
One thing I think I may have foolishly did is setup a Wyoming entity for my small internet sites and I also have a newly created Florida LLC which houses my vending route. I am wondering if I am going to have problems with taxes owning two entities at one time. Or is it going to be alright? I also am considering seeking out expansion capital for the vending business to buy more machines and hiring a part time employee to make the route more automated on my end. I really want to stimulate the economy in one fashion or another. I did just lose one of my contracts to one of the locations I had... but I found a place to park it til I find a better spot. The location I had was really good too. I could net cash flow 75 a month off it. I want to raise expansion capital for the experience and take the business to central Florida because I was out there and there is plenty of people and no machines. Plus I need the experience of learning how to handle the human operations involved in business.
Primarily, I was wondering what tax issues anybody here has had with owning multiple entities. I kind of get the concept overall... but what are some of the issues you guys have ran into with taxation if any of you own multiple entities? Also, a really good question that flipped through my mind was: Does controlled group status have to do with being an employee of a corporation or is it owning to many corporations? I have some stocks I bought a while back of an external corporation. Are they going to control group me on that when I am sent a dividend from the security?
I kind of feel like a guinea pig trying all this stuff because no matter how many times I read the codes I still feel like a newb. Even talking to the right advisers on the subjects. They say I am probably their only client who has actually read the codes but still it seems like gibberish. I am not even afraid of really borrowing funds to invest anymore or hiring employees. I want to do this and get the experience. What I am afraid of is screwing up and ending up having the IRS pound my door down because my experimental activities. I'm not even going to lie, I still feel emotionally attached to all of this. What is some of the things you guys have done to detach your emotions from your businesses.
One thing I think I may have foolishly did is setup a Wyoming entity for my small internet sites and I also have a newly created Florida LLC which houses my vending route. I am wondering if I am going to have problems with taxes owning two entities at one time. Or is it going to be alright? I also am considering seeking out expansion capital for the vending business to buy more machines and hiring a part time employee to make the route more automated on my end. I really want to stimulate the economy in one fashion or another. I did just lose one of my contracts to one of the locations I had... but I found a place to park it til I find a better spot. The location I had was really good too. I could net cash flow 75 a month off it. I want to raise expansion capital for the experience and take the business to central Florida because I was out there and there is plenty of people and no machines. Plus I need the experience of learning how to handle the human operations involved in business.
Primarily, I was wondering what tax issues anybody here has had with owning multiple entities. I kind of get the concept overall... but what are some of the issues you guys have ran into with taxation if any of you own multiple entities? Also, a really good question that flipped through my mind was: Does controlled group status have to do with being an employee of a corporation or is it owning to many corporations? I have some stocks I bought a while back of an external corporation. Are they going to control group me on that when I am sent a dividend from the security?
I kind of feel like a guinea pig trying all this stuff because no matter how many times I read the codes I still feel like a newb. Even talking to the right advisers on the subjects. They say I am probably their only client who has actually read the codes but still it seems like gibberish. I am not even afraid of really borrowing funds to invest anymore or hiring employees. I want to do this and get the experience. What I am afraid of is screwing up and ending up having the IRS pound my door down because my experimental activities. I'm not even going to lie, I still feel emotionally attached to all of this. What is some of the things you guys have done to detach your emotions from your businesses.
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