December 2022
Intermediate to advanced
608 pages
21h 38m
English
Content preview from J.K. Lasser's Small Business Taxes 2023
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CHAPTER 28Tax Strategies for Multiple Businesses
“Multiple businesses” connotes multinational corporations with intertwining ownership of many entities. But small business owners may conduct different activities through various entities. These entrepreneurs simultaneously own and usually run 2 or more businesses. In fact, a 2022 Bank of America (BOA) survey found that 26% of small business owners had multiple businesses and of these 58% had 2 businesses and 30% had 3 businesses running at the same time.
There may be sound legal, business, and tax reasons for using multiple businesses rather than funneling all activities through a single entity. Liability issues, for example, are one good reason for operating separate activities through more than one business. This chapter focuses primarily on the tax implications of running multiple businesses.
Advantages and Disadvantages of Multiple Entities
Some activities can naturally and logically exist within a single entity. For example, ...
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