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we operate a series of small shops. each branch is one corporation.
our accountant is convincing me to consolidate all into one bigger company but i am hesitant due to the following factors:
1. a single company means that we also have to consolidate all our staff, which will mean that the minimum wage bracket will now be higher.
2. a single company means that gross sales will now be bigger and more “noticeable” to the bir.
3. as far as taxes are concerned, i don’t see where we can save once we consolidate.
can anybody tell me good reasons why i should consolidate? what are the pros and the cons?
DO NOT consolidate .. your risks in case of a lawsuit become higher as a single entity. If somebody was to be hurt in one of your stores and they sued your company, IF they were to win a large judgment against your store then all they could get would be the assets of THAT store .. they could not come after your other stores if they are separate entities. If the store in question did not have enough assets to settle the lawsuit the store (or the legal entity) could file bankruptcy and you could close the store and walk away from it WITHOUT IT AFFECTING YOUR OTHER BUSINESSES ..
If you wanted to simplify things you could change them to LLC’s, BUT keep them as seperate entities…
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