• Last Updated:
  • Feb 27th, 2021 11:44 am
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[OP]
Newbie
Feb 20, 2021
1 posts

How to manage 3 businesses

Hello,
I have recently started wedding photography. I am also working on Shopify to sell some merchandise my brother sending me from back home and also planning to run a small digital marketing business from home. I am naming all 3 businesses individually.

My question is can I register my one business and run other 2 businesses under the registered company? If yes, which one is better? Sole proprietor or Incorporation? My whole point is, do I need to register each business separately or if I can run all 3 businesses under one Sole proprietor or Inc.

Sorry guys this is my first time in business world and I don't want to mess things up. Any web link with detailed information is highly appreciated. FYI, I live in Canada.

Thank you
2 replies
Deal Addict
Aug 28, 2007
1889 posts
282 upvotes
Calgary
Yes, you can run all three operations under one umbrella. It can be a corporation or sole proprietorship. Personally I am a corporation fan, but it depends on your circumstances.

You can just start doing your business today under your personal name and fill out the T2025 at the year end (i.e. a sole prop). You can offset any business losses from your earned income but the tax rate is higher. Once you businesses grow you'll need to add certain things, like segregated bank accounts, a GST/HST registration at $30K, access to tax deferral tactics. That's when it makes sense to convert to a corporation.

Corporations aren't as complicated as everybody makes out, but I know I was apprehensive when a started my first one. Like riding a bicycle... you'll get better with time and experience. You can't make any life or death mistakes; perhaps only something that costs some extra money... but your business will have grown to afford those extra costs.

Lastly, I don't know about any business licences you might need from your municipality but your list seems pretty safe for a "home" operation so probably none required.
Deal Addict
Dec 12, 2009
4505 posts
2132 upvotes
Toronto
To start, I would keep them as sole proprietorships. Name search & Registration is $68 in ON. You will need a registration if you are seeking credit from a bank. Keeping them separate initially keeps it simple. I recall incorporation makes sense when you are making $75K for the business. Separately,there is the HST threshold of $30K each. Chances are that one may take off and you may decide to cease operations in one of the others.
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