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I would like to consolidate 3 "businesses" under one entity or bank account. Can someone provide some guidance on how to approach this?

1 is an NYS LLC taxed as a S-Corp (business focus is on research) – this was an ongoing business for several years - the original business is dormant but I have started another venture (#3) referenced below that is related to this. I have a separate bank account for this entity. 2 is a NYS C-Corp (business focus is on marketing). I initially formed this as a C-Corp as I was potentially going to work with investors. This is likely not the case anytime soon. The business is still on-going and i'm trying to grow it. I have a separate bank account for this.

I started another venture (#3), I do not have a separate entity for this, I just purchased the domain with a distinct name. It is somewhat related to related to #1 and would ideally like to “roll it up” under #1. Expenses are paid out of bank account for #1.

2 Questions: ---What do I need to do, if anything, to "roll up" or formally integrate the #3 venture under #1? ---How do I move or integrate #2 under #1? I would like one bank account for both #1 and #2 if possible.

Ultimately, it would be great to operate out of one bank account and simplify my filing (legal and accounting) requirements

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2 answers

Neil, I would suggest you hire a really great accountant. You want to make sure you understand all the moving pieces to your financials when managing something like this. You need someone that understands entrepreneurship really well. If you'd like, I can recommend someone affordable and amazing.

Cheers Roxana

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Hi Roxana - my deepest apologies for not responding sooner. I want to thank you for your answer!! I was able to find an accountant to assist me and he actually advised against doing this for several reasons. That said - it may be appropriate for others to consider.

Thanks again - have a wonderful new year :)

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