Again - that is mainly your business decision...
Even these are distinct businesses - you still may combine then under the umbrella of ONE corporation.
Advantages of doing so will be
- less accounting overhead
- ONE payroll and one employment tax return
- if one business realizes a loss and another is profitable - they will offset each other.
- one corporate income tax return instead of two
Disadvantages would be if
- if you will sell one business - it would be easier to close that S-corporation and sell assets
- if you will invite a partner or an investment to ONE business line - you would simply sell shares of THAT corporation and would not mess with combined accounting
- liability issues... if you expect a claim against your business - separate entities would be better protection.
So - there are advantages and disadvantages in both ways - and there is no a simple answer.
Thus - keeping two corporations will cost you a little more - and that is OK if you have additional value from that cost.
If however - you feel that there is no or a very little value - I see no reason to keep two corporations.