Legal Question in Business Law in Maryland
two businesses
I would like to start a home based event planning company; I�d also like to open a banquet facility business as well. Can I operate both businesses as a sole proprietor or should I be entering into another entity?
2 Answers from Attorneys
Re: two businesses
You can legally operate both businesses as sole proprietorships. However, it would be wiser to set up one or two business entities that protect your personal assets. You can easily set up an LLC (limited liability company) or a small corporation for this purpose.
Re: two businesses
A sole proprietorship or LLC would apply to either or both businesses. For the LLC there are taxation matters that you should understand as well as annual costs. The LLC will provide certain liability protection. You may want to discuss your choices with an attorney as well as obtain assistance with documents. My office also provides accounting services.
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