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

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?
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Answered in 19 minutes by:
11/12/2017
Bill Attorney
Category: Legal
Satisfied Customers: 2,276
Experience: Attorney
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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

Bill Attorney
Category: Legal
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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