Business merging

[the_ladyplumber]

Ok I know some of us are content creators as well as multiple business owners. Right now I own 3 businesses and the paperwork is driving me bananas. Invoicing, job and profit tracking, transferring funds between businesses to organize hours and material spent on each due to having one single credit account at the suppliers.

I’ve been toying with the ideal of merging the companies into one incorporated company (my plumbing company is incorporated and content, and roofing company are separate sole proprietors), or at least merge the content and plumbing since a lot involves product and labour for both myself and my assistant. The roofing is just a small side. Challenging is an understatement. Not to mention the insane tax rate for sole props. I’m open to thoughts and ideas if anyone has done the same or has been in a similar situation??

 

[John Talman]

Ok I know some of us are content creators as well as multiple business owners. Right now I own 3 businesses and the paperwork is driving me bananas. Invoicing, job and profit tracking, transferring funds between businesses to organize hours and material spent on each due to having one single credit account at the suppliers.

I’ve been toying with the ideal of merging the companies into one incorporated company (my plumbing company is incorporated and content, and roofing company are separate sole proprietors), or at least merge the content and plumbing since a lot involves product and labour for both myself and my assistant. The roofing is just a small side. Challenging is an understatement. Not to mention the insane tax rate for sole props. I’m open to thoughts and ideas if anyone has done the same or has been in a similar situation??

Ah Mary-Anne! Separate from CompanyCam, my No. 1 day-to-day priority, I've thought about doing the same with some of my other side businesses that I do for fun (Session Solos, JTal Guitars, etc.). The content creation stuff has been the most rewarding and takes up more time than the others, so I've thought about rolling it all up under that. I've got some experience with it in terms of being in S-Corps, multiple LLC setups in the past but not enough to guide anyone but myself yet.

This is me saying, I'm considering the same, on a much smaller level than you (way smaller lol) and I'm willing to trade notes while not having a ton of answers yet.

 

[the_ladyplumber]

Ah Mary-Anne! Separate from CompanyCam, my No. 1 day-to-day priority, I've thought about doing the same with some of my other side businesses that I do for fun (Session Solos, JTal Guitars, etc.). The content creation stuff has been the most rewarding and takes up more time than the others, so I've thought about rolling it all up under that. I've got some experience with it in terms of being in S-Corps, multiple LLC setups in the past but not enough to guide anyone but myself yet.

This is me saying, I'm considering the same, on a much smaller level than you (way smaller lol) and I'm willing to trade notes while not having a ton of answers yet.

I would love that! I’m super torn as my accountant wants to wait until we see the numbers for 2025 but I’m drowning in paperwork and just want to pull the trigger for beginning of January.