If you have one incorporated business can you add another business within the same corporation?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

If you have one incorporated business can you add another business within the same corporation?

My dilemma is this, I am currently incorporated with a candle and scented products business. I would like to get into the jjanitorial/office cleaning business. Is there any way I can include/umbrella it in? Or do I have to start a completely different entity.

Asked on July 21, 2011 Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Do you want to keep both intended businesses (candle and office cleaning) separate and distinct from each other for personal and business reasons? It seems that you probably do because the two lines of businesses are completely different from each other and with different risks.

If you want to have both businesses under the same corporation, you can do so, but keeping track of how each does financially can be complicated unless you have a good book keeping system.

You can set up an insurance policy for both business lines under one corporation. Make ysure you tell your insurabce broker about both business lines and make sure you have adequate insurance coverage for the operations of both to protect you from personal liability.

Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption