What are the advantages and disadvantages of consolidating my mixed companies?
we operate a series of small shops. respectively branch is one corporation.
our accountant is convincing me to consolidate adjectives into one bigger company but i am unbelieving due to the following factor:
1. a single company money that we also own to consolidate adjectives our staff, which will denote that the minimum wage bracket will presently be high.
2. a single company manner that gross sale will presently be bigger and more "noticeable" to the bir.
3. as far as taxes are concerned, i don't see where on earth we can reclaim once we consolidate.
can anybody explain to me dutiful reason why i should consolidate? what are the pros and the cons?
Answers:
DO NOT consolidate .. your risks contained by bag of a lawsuit become superior as a single entity. If somebody be to be hurt within one of your stores and they sued your company, IF they be to win a significant sensitivity against your store consequently adjectives they could return with would be the assets of THAT store .. they could not come after your other stores if they are separate entities. If the store within request for information did not hold ample assets to settle the lawsuit the store (or the lawful entity) could profile liquidation and you could close the store and wander away from it WITHOUT IT AFFECTING YOUR OTHER BUSINESSES ..
If you considered necessary to simplify things you could amend them to LLC's, BUT preserve them as seperate entities...
There is no ascendancy except simplifying your accountants duration.
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our accountant is convincing me to consolidate adjectives into one bigger company but i am unbelieving due to the following factor:
1. a single company money that we also own to consolidate adjectives our staff, which will denote that the minimum wage bracket will presently be high.
2. a single company manner that gross sale will presently be bigger and more "noticeable" to the bir.
3. as far as taxes are concerned, i don't see where on earth we can reclaim once we consolidate.
can anybody explain to me dutiful reason why i should consolidate? what are the pros and the cons?
Answers:
DO NOT consolidate .. your risks contained by bag of a lawsuit become superior as a single entity. If somebody be to be hurt within one of your stores and they sued your company, IF they be to win a significant sensitivity against your store consequently adjectives they could return with would be the assets of THAT store .. they could not come after your other stores if they are separate entities. If the store within request for information did not hold ample assets to settle the lawsuit the store (or the lawful entity) could profile liquidation and you could close the store and wander away from it WITHOUT IT AFFECTING YOUR OTHER BUSINESSES ..
If you considered necessary to simplify things you could amend them to LLC's, BUT preserve them as seperate entities...
There is no ascendancy except simplifying your accountants duration.