Legal Status Start ups Question

Discussion in 'Legal and HR' started by Chrisj0401, Feb 27, 2011.

  1. Chrisj0401

    Chrisj0401
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    I want to start up multiple businesses [with different or slightly different names], could I start them under certain kind of legal status like Corporation, do something like that?
     
  2. Fergal

    Fergal
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    Chrisj0401 what country, state or city would you be setting the businesses up in?
     
  3. Chrisj0401

    Chrisj0401
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    USA, Hazleton, PA... but I want to get world trademarks, and patents if that matters.
     
  4. Fergal

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    Chrisj0401 I don't know the best legal business structures to do what you want to do in your legal jurisdiction. Hopefully another member with experience in this area will point you in the right direction.

    Why do you want to set up multiple businesses, would it not be better to focus on a single business and making it successful, before dividing your attention with another business?
     
  5. ArcSine

    ArcSine
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    Chris, partitioning multiple business activities into separate entities (such as LLCs or corporations) is commonplace when both (1) one or more of the activities have significant, valuable assets; and (2) one or more of the activities involve significant liabilities (actual, and/or potential). The multi-entity structure helps to insulate the former from exposure to the latter.

    Obviously there are costs (multiple tax returns, state fees, etc.), the amount of which tends to be proportional to the number of entities. Whether or not the multi-entity arrangement makes sense is therefore a case-specific call. As to your question, then, sure, you could do it....but whether or not the benefits outweigh the costs would depend on the particulars of your situation. Evaluate your plans in light of what I mentioned above, and you can decide if the multi-entity structure is something you'd want to pursue right away, or maybe a bit down the road when your plans have crystallized a bit more.

    But you raise the trademarks / patents issue. It'd probably be a good move to discuss that with a patent attorney. I have no idea, but there may exist certain advantages that, say, a corporate entity would have over an unincorporated activity with respect to global recognition of patents.

    Best of luck with your new venture!
     
  6. Chrisj0401

    Chrisj0401
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    its mostly for the trademarks and patents for now, then I'd eventually head into focusing more on each business, like sister/brother companies of the corporation. But yea once I start out I'd just focus on one businesses at a time.

    Right now I'm trying to start up:
    - Non-Profit organization, services providing educational workshops, political watch-dog/pressure group, advocate for education. (that's very brief)
    - For profit company, marketing product design, video production, photography b2b services specialized on specific demographics, and producing exclusive products, licensed products, and like I said producing products for b2b. I'm aiming to be only b2b, but right now it's both until I get more establish and get a suitable portfolio and clientele. And I'd like to only specialize in providing portrait photography in glamour/pinup/nude/fashion, however right now I'm open to providing anything that's offered to me.

    Those are the two very different companies/businesses I'm working on now, and I may add on another just for income (temporary) which I've mentioned in another topic on the forums, Efficiency and Creative Consulting Services for B2B and the general public.
     
  7. mysandyda

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    Hi, at first is it your first business experience? I dont know but it seems that it is... You dont need to set up a multiply company - you need succeed at first in one country at least...think about it because you need to know about international law and restrictions and other difficulties...have you ever think why only big companies work worldwide?
     
  8. StarbidAuctions

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    Chris i think that it is good that you have such ambition and high goals but you need to think realistically as it is best to start with one business and make it successful before making more, and if it doesnt succed try again with a different idea, I had a business before that was starting to take of but failed due to partner issues and i have now started a business by myself. All i can advice is that if you try and take too much on at once you will overload yourself and struggle, i wish you luck with what ever you decide.
     
  9. Chrisj0401

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    yea I'm trying very hard to perfect my business plans for my for profit and non-profit company ideas, but it's primarily for my non-profit as it is my passion to help the needy in the world a bit more than making a profit. But I need to make a living, so yea, employers have zero interest in hiring me with my informal skill sets sadly, so making a business I think is better than just letting them go to waste by not trying to profit off of it, such as my efficiency and creative consulting services. I wish I could make a informal resume, but that has zero weight vs. someone who has a formal education in my skill sets.
     
  10. Fergal

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    Chrisj0401 what's your opinion on the suggestions that you should start with one business and try to make a success of it, before starting other new businesses?
     
  11. StarbidAuctions

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    I understand what you are saying as i would like to help charities but i have relised that to do this i need to be able to have a succesful business which i can afford to live of off, I have decided to try and get my business up and running and trying to make a profit and then i will look at redesigning my website so that i can include charity options like on ebay, Maybe its worth it if you try and focus on doing the same, try and get one business up and running so that you can afford to live off of it and use the profit from that business to make and run a non-profit company and you could keep repeating this process.
     
  12. Chrisj0401

    Chrisj0401
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    well as for my for-profit company, right now I cannot run it much without more direct cash investments in equipment, and I still have a good chunk of a year to get a nice portfolio going and should start getting some clientele early 2012 hopefully, or hopefully sooner. Until then all I'm investing onto my non-for profit is time and energy from my spare time, of here and there, 1-2 hours a day, or a week. I do spend a lot of energy on recruiting new members for the club at the college, but I am also getting practice in advertising and how to advertise, so it's not a complete loss.

    As I start to have a stable and suitable clientele on my for-profit then all I'll do is change my priorities from the non-profit to the for-profit, but I won't stop it completely just spend less time in trying to grow the organization, as most of the work I've noticed in a non-profit is getting supporters, and people helping me grow the organization.
     

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