Friday, December 24, 2010

Is it legal (or possible) to own and operate 2 small business at once when I am the only employee?

I'd like to start a desktop publishing business once I'm done my training for that. But at the same time, I make scented candles as a hobby but would also like to expand that into a gift business where I sell jar candles, candle favors for events, and gift baskets. I can't figure out a way to combine the 2 into one business, but I really want to do both.
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No problem, Colleen. You can have as many businesses as you can handle. It is probably best to keep them separate for tax and accounting purposes. That means, keeping a separate record of income and expenses for both, and file a separate Schedule C for each at tax time. Mmm..., I can smell the candles from here.
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