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Thread: Can a person run two different self proprietor companies and tax implications?

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    Can a person run two different self proprietor companies and tax implications?

    If a person is running two self proprietor businesses from home - do both businesses just get added together in terms of profit and loss and tax declared under the self proprietors income tax?

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    Site Caretaker Dave A's Avatar
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    Short answer - yes.

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    thank you oh wise one :-)

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    Gold Member Chrisjan B's Avatar
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    Quote Originally Posted by Ice View Post
    thank you oh wise one :-)
    Dave he is making fun of you!

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    Diamond Member Justloadit's Avatar
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    This is one of the reasons that you should avoid a self proprietor business, and change to a company. Each company then is taxed as an individual entity, of course incomes you get from the companies will be added as one and you pay personal tax on the total income received from all sources.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
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    I'm not a "he" lol!!

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by chrismine View Post
    Dave he is making fun of you!
    Frankly, this troubles me in a different way.

    Quote Originally Posted by Ice View Post
    thank you oh wise one :-)
    Please, please please always remember I could be wrong at times. This is a team game and the "wisdom" in the site relies very heavily on the collective wisdom of the members.

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    Well I'll back Dave on this one. Running as a sole prop means running as yourself. Seeing that there is only one of you, its essentially only one business - you. You might have different products / services / trading names, but they all fall under "you".

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    Gold Member Chrisjan B's Avatar
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    Quote Originally Posted by Ice View Post
    I'm not a "he" lol!!
    I sincerely and heartfully apologize to her!

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  10. Thanks given for this post:

    Ice (25-May-11)

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