Small business & Startups forum

Question

multiple entities under one umbrella?

by smsystems / September 24, 2013 9:42 AM PDT

Hello all. I am new to the forum and need a little advice. I am also new to business ownership and was sort of hurled into it (a story for another day).

Currently we have two companies. One is a contracting company that serves only Seattle and the state of Washington. The other office is supposed to serve anything outside of Washington and it's the one we refer to as the 'home office'. The Washington office is shown as a sole proprietorship while the other somehow was written up as a partnership. Both share the same tax id. Each has a different company name.

This configuration is causing us to have to carry two insurance policies, two bank accounts and so on. We are very small (in start-up) and need to conserve all funds possible of course.

My questions to all you seasoned business owners are:
What is the best way for me to combine these companies without changing company names for either one?
How can it be set up where one insurance policy covers both businesses?
Since I have a 'partner' in all this, do I need to set it up as an LLC?
Is it possible for one bank account to cover both businesses?

Thanks in advance for any help as my head is spinning from information overload!!

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