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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Employment Law
Satisfied Customers: 116709
Experience:  20+ Years of Employment Law Experience
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I am a entrepreneur! As a TEAM my family, Including my

Customer Question

I am a entrepreneur! As a TEAM my family, Including my children (Youth-Entrepreneurs- 17, 5,3, & 2 years old), have created multiple businesses!My Vision Statement and Company Descriptions are listed below:A. I was thinking that my Head Company, should be “Mor10’s Personal Investment & Developmental Enterprise”, one of the two non-profit organizations! The start to their family EMPIRE & LEGACY!1. “Mor10’s Personal Investment & developmental Enterprise “
is a non-profit organization I’m in the works of developing to offer my community the following services at no cost –to low-income individual looking for support with personal development. As a certified teacher I want to offer free GED/High-School Preparation, Tutoring and testing (with the exception to the cost of the actual test-left to the client), free job training, resume building, interview prep, clothing, and job placement, free government cell phones, free self-improvement courses, unemployment filing, college application, and financial aid. Etc.2. My daughters (5, 3, and 2 years old ) started their own non-profit called, “CaringIsSharing”. Collecting items such as toys, food, clothing, and donations of funds/items to provide to those in need in our area. Major focused towards Christmas giving, back to school events, thanksgiving, and any other major kid focus/created idea for a give- away.3. I am currently transitioning several from my home. One I started for my daughters’ who are minors called, “M3 Sugar Shack” offering regular menu items and daily menu special and catering.4. The Other for my Husband called, “Morton’s Pasta-bility” also offering catering with a regular daily menu. (businesses 3 &4 operating under one-5. “Mor10’s Tax-Prep, Filing, & Credit Repair Solutions”6. Finally, I have an online store called, “Luscious Unique Boutique” (plans to transition to a store-front), selling women focused items, such as, clothing, shoes, lingerie, makeup, perfume, etc. (including Mary kay & Avon Products)
Submitted: 11 months ago.
Category: Employment Law
Expert:  Law Educator, Esq. replied 11 months ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

What is your question for us regarding this matter?

Customer: replied 11 months ago.
How do I go about registering my businesses, while protecting my assets from each company. Especially my two-restaurants operating Under One Roof one kitchen. For bexample, how pizza hut and McDonald's are in some locations. Plus whether or not to have one main office corporation to house all my businesses under
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.

You can set up one LLC or Corporation to act as a holding company and then under that main company, you can form a separate LLC or corporation for each entity, including non-profit entities. So it would look like a tree with Main LLC or Corporation (not S corp) at top and then that owns all of the individual businesses under that main corporate entity.

This is not going to be cheap, but you will want to keep each business separate from each other to protect them from one another.

You can keep the addresses all at the same location for each company. You can register each corporation or LLC online with the LA Secretary of State filing articles of incorporation for the C Corp and articles of organization for the LLC.
Customer: replied 11 months ago.
will have filing business taxes will be able to be filed separate, and will it be required that my children's businesses file as well as their guardian?
Expert:  Law Educator, Esq. replied 11 months ago.
If your children's business is a non-profit, then generally all that is filed is a form 990 N, which is a post card, as long as they bring in under $50,000. A non-profit has to only file a long form 990 tax return if they make more than $50,000 a year.

Each one of the entities would have to file their own tax returns though.
Customer: replied 11 months ago.
Ok. their non-profit, but what about their M3 sugar Shack do I still have to file for them with that business.
I set-up a trust that allows their earnings from this business to split 3 ways and go directly to each of their 3 accounts. Will I get penalized or garnished or be required to report my girls business income as my own since they are minors
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.

Yes, you have to file taxes for them on their for profit business and also personally if they take proceeds from the business. If it goes into trust, the trust files a return. You do not report it as your own income, it is income to their trust, the trust reports it.
Customer: replied 11 months ago.
ok. Thank you very much. So the two restaurants operating under one roof will still have to have separate EIN, business licenses, etc. or can I combine the names under one license/EIN and still be able to file separated and be protected separately. I don't know if this makes since. But I just wanted to be sure.
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.

If they are two separate restaurants under one roof you can separate them and each would claim their own taxes.