- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Advice for Multiple Business Setup
Kia ora tatou
New to the SME arena and I would appreciate some advice as I can’t seem to find what I had hoped to be a simple answer to a simple question.
I have set up, met with the bank and an accountant, and created an LLC under which I do the work that creates my main income. This appears best based on projection and the type of work that I do. However, I have a small side hustle that I can grow, although it won’t hit the $60k threshold. If not for the work via LLC, I would simply set up and run as a sole trader without a GST number.
Now that I have an LLC and registered for GST, I am wondering if I can have a second completely separate business with no overlap in the type of work, costs, etc., and operate as a sole trader without a GST number. Will I also need to register this second business as a separate entity?
I am seeking advice on how to navigate this situation and ensure that I am compliant with all legal requirements for my business setup. Thank you for any guidance or suggestions you can provide.
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Yes you can. Mainly this comes down to duplicated costs. E.g two of everything vs 1 and also correct tracking and more detail around any shared resources and expenses.
E.g two different insurances covering each, two tax returns etc etc. two gat returns if both got that big.
You could have 100 companies if you wanted I don’t think there is any limit this is pretty typical of how companies also own different parts as well for easy sale. E.g I have a company that sells music I have a company that sells books. I have a company that publishes books each part can then be easy sold and “branded”