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I currently own a dog boarding facility. I am thinking about…

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Good afternoon, I currently...

Good afternoon, I currently own a dog boarding facility. I am thinking about starting a couple additional companies related to pet care. They would be separate entities (a home pet care business and also a grooming business). All money would come in through the boarding facility (checks and credit/debit cards) and end up in that bank account. What is the correct procedure for getting the money to the appropriate company? Thank you!

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I know of right now. To make life easy for our existing clients we don't want to have them write separate checks for the different services.

Submitted: 4 months ago.Category: Finance
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3/13/2018
Financial Professional: emc011075, Tax adviser replied 4 months ago
emc011075
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Hi. My name is ***** ***** I will be happy to help you.

Are you creating a separate LLC for corporation for your new business?

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Customer reply replied 4 months ago
My current business is a C-corp. I will be creating LLC's for both new businesses with ownership that is different from the C-corp.
Financial Professional: emc011075, Tax adviser replied 4 months ago

In that case you will have to set up separate bank accounts. Since corporations is treated as separate entity you cannot use corporate account to pay for LLC expenses. Or you can branch out your existing business and add a new line of services to your existing corporation since all your activities are pet care related.

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