Can a small gym that has been set up as a corperation add additional business ventures for low cost to their insurance plan?

Does my business have to be absorbed into there corperation or can we coincide in the same building/ rental and pay for our own insurance and keep our own name?

Asked on August 21, 2013 under Business Law, Connecticut

Answers:

Nathan Wagner / Law Office of Nathan Wagner

Answered 7 years ago | Contributor

I know of no legal reason that the businesses would have to be conducted out of the same corporation. But keep in mind that for some types of businesses (such as accountants, funeral parlors, and law offices) many states have laws about how the business can be structured. Also, your lease may limit the number and type of businesses that can be conducted in your location.

I recommend talking to your insurance agent about the best way to insure your businesses.

 


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