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Quick question about structuring multiple businesses

(2 Posts)
rightsaidfred Mon 10-Nov-14 12:49:34

I am in the process of changing accountants after multiple cock ups with my accounts so don't have anyone to ask at the mo and was hoping for a quick answer here.......
I have a limited company and I want to start a couple of other small businesses but need to keep these separate to the original business and trade under a different name. The original business has lots of contracts which are in the company name and it would be a total headache to renegotiate all these. The new businesses could be under the same name as each other but I don't want the original business associated with the new businesses.
What are my options with this? Do I need to set up a separate ltd company and have 2 separate lots of fees and accounts/ paperwork? Or is there another way? I am really keen to get going with the new biz this is really all that is holding me up! What do others do?

TalkinPeace Mon 10-Nov-14 13:58:06

Why do you need lots of other entities?

Just have different trading activities as a sole trader or different activities of the company

multiple entities = multiple duplicated costs and increased risk of errors

you can have multiple sole trader income streams - and then its only one set of insurance, phone, NI, accountant etc

do not over complicate

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