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If I start a new business and want to to create three

Customer Question
sources of revenue; a movie...
If I start a new business and want to to create three sources of revenue; a movie, a book, and a spin off media website, do I need three different entity businesses? Or, do I put it under three separate businesses. Furthermore, how do you classify separation of businesses? If creating business entities, how is the distinction of businesses classified from a startup prospective and the IRS's business classifications?
Submitted: 3 months ago.Category: Business Law
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11/12/2017
Business Lawyer: Bill Attorney, Lawyer replied 3 months ago
Bill Attorney
Category: Business Law
Satisfied Customers: 1,745
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Dear Customer ,

Thank you for posting your business law question today. I'm attorney Bill assisting you with your legal question today.

You can set up a business with a number of different business goals that will include all three of a book, movie and media website. What's worth more consideration in the business entity you create to run this business.

You can choose between sole proprietorship, partnerships, a limited liability corporations/ small entity corporations and non-for profit organizations.

Each of different tax reporting requirements.

Your articles of association and memo for a corporation can list all those activities that your business will engage in. You file these with the Secretary of State's office.

The complete tax reporting break down can be followed on the Secretary of State's website.

A company as a separate legal entity will have a separate tax identification number for taxation complaince and you can be salaried employee of the company.

A sole proprietorship can report tax on schedule C of the form 1040.

We are here to help.

Please follow up with me if you require additional information or assistance.

In return remember to rate positively today;I'm an independent legal expert and rely on your positive feedback to get a credit today.

You do this by rating 5*****, 4**** or better.

So I hope you rate FIVE STARS before exiting today.

Thank You

Attorney Bill

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