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Spaulding


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Multiple businesses [Comments Please]
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Hi all

I'll try and word this as best I can. Maybe some of you are doing this anyway, but even if not I'd like to hear comments.

Let's say someone started a bookkeeping business and called it ABC Bookkeeping,, the same person also had for example a PC repair business called ABC PC Repairs [this could be any business though, ABC Electrical, ABC Plumbing, ABC Roofing etc].

These 2 businesses are run under his business name which is called ABC Services. Hope that makes sense.

Would it be feasible to run these 2 [or more] unrelated businesses under the ABC Services banner.?

Thanx






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Alison


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Yes you can run under one name.

I was a sole trader business - a bookkeeping business. Recently opened an internet/gaming cafe and IT related company. We currently have 2 different trading as names all running under our Limited Company name. If we decide to branch out into a different type of business we will have a third trading as name trading under the Limited Company name and then if again will get a fourth trading as name etc.

I believe you can do the same with a sole trader business.

Alison

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Spaulding


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Thanx Alison, so when you do the bookkeeping for your 2 businesses how does it work?

Do you just have one set of books under your Limited Company name and all the transactions go here no matter which business they're from? Do you put a note on saying which business the transaction is from or just keep them as one unit so to speak?

Sorry, I just want to get how this multiple business process works straight in my head.

**Any other comments on this subject are very welcome**

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Alison


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Hi

All the books is under the one for the Limited Company name.

How I deal with the different aspects of the businesses is because I use Sage I have different nominal codes set up for the different aspects of the business. The chart of accounts in sage has quite a range in the 4000-4099 I believe so there is enough different nominal codes for the different aspects of the business. I think most accounting packages have enough nominal codes to break down sales to different aspects of the business.

Alison

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GRDCredit


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I am not a bookkeeper but a credit controller by trade and clearly therefore I come at this from a different angle and purely for info.

If you have 3 business trading names e.g.:

ABC Ltd t/a ABC Electrical
ABC Ltd t/a ABC Plumbing
ABC Ltd t/a ABC Hair Dressers

Any liabilities are owed by ABC Ltd for each business. If therefore two are profitable and one is not there is a danger that the loss maker could drag down the other two.

Perhaps over pessimistic but worthy of consideration.


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Geoff
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Business Credit Reports for just £1 until 31 July 2009!
Spaulding


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Thanks for the comments,

Alison, I sent you PM with a quick question.

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Spaulding


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-- Edited by Spaulding on Saturday 18th of April 2009 02:08:33 PM

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