two owner

Discussion in 'Business Operations' started by bobbygedd, Nov 29, 2005.

  1. bobbygedd

    bobbygedd LawnSite Fanatic
    from NJ
    Messages: 10,178

    how the hell do i set this up: next year i will run two separate lawn services. my current one, and the new one. HOWEVER, the same trucks will be used for both businesses. the same employees will be used for both businesses. the same equipment, etc. how do i need to set this up to keep it legal?
  2. BSDeality

    BSDeality LawnSite Silver Member
    Messages: 2,849

    i believe one company has to lease the truck to the otherr.

    Get a business lawyer to set it up, oh wait, those are expensive, you don't buy expensive things....
  3. C&KLawnCare

    C&KLawnCare LawnSite Member
    Messages: 246

    Why dont ya just expand the one ya have ( Wich i doubt u do) and save the paperwork and tax mess of running 2 diffrent Company names , Swear you should be related to Billy Snoddy 1 man and at least 10 diffrent trucking company names , BST,SLS,S&K, Phantom Transport, S&J, Lorenzea, Golden eagle construction, BSC, Hell i forget them all now LOL
  4. bobbygedd

    bobbygedd LawnSite Fanatic
    from NJ
    Messages: 10,178

    no, it has to be 2 different names, 2 companies. unless, can it be "abc" landscaping (a subsidiary of xyz landscaping) and use the same tax id #, payroll, etc? nosmo will know. i'd ask sean, but last time i asked him about tax stuff + profit margins, he had it all wrong
  5. rbriggs

    rbriggs LawnSite Member
    Messages: 106

    Create a corporation... ie. ABC, Inc. Then you should be able to run both businesses under that corporation. For example ABC, Inc. dba XYZ Landscaping; ABC, Inc. dba Apple Lawn Care. Just examples. But I would definately check with a business attorney. As a business owner, you should already have an attorney.
  6. geogunn

    geogunn LawnSite Gold Member
    from TN
    Messages: 3,010

    what you are referring to is called a "shell game" by the IRS. they have lots of info on the subject available as well as a staff of trained field agents to assist you.

    GEO :dizzy:
  7. rbriggs

    rbriggs LawnSite Member
    Messages: 106

    Shell game? Sounds illegal :)
  8. NEPSJay

    NEPSJay LawnSite Senior Member
    Messages: 492

    I have to ask ya Bobby..... whats the method to ur madness?? Im 110% positive you have a good explination of why a guy would need 2 biz's. I just hasnt dawned on me yet. Please fill us in Bobby.:dizzy:
  9. harryhomeowner

    harryhomeowner LawnSite Member
    Messages: 140

    This isn't a shell game, he's not looking to scam least not intentionally.

    Nothing wrong with ABC landcare, a subsidiary of xyz services....
  10. SodKing

    SodKing LawnSite Bronze Member
    Messages: 1,641

    I have a corporation and we run dba's under it. All gets filed under the corporation name.

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