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You definitely want these business in limited liability
entities. And, you want them in flow-through entities so that you don't risk being taxed twice. Forming LLC's for each entity is your best solution in my view. Texas is a community property state
so if you and your wife are the only owners of the LLC's, each LLC can be treated as a disregarded entity for tax purposes which means that you won't be required to file a separate tax return
for each entity; rather, you can simply report their operations on your Form 1040
. The reason that you want a separate LLC for each business is so that if you have a problem with one business, it won't contaminate the others. After all, you are setting these up to limit your liability so you don't want to put them all in the same basket.
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