TOPIC: Question about having 2 businesses....

Don't know if this is an appropriate question for this forum, but I've had a handyman business (S-corp) for the last 11 years, and now it's time for me to start getting out of that occupation, for various reasons.  I just became licensed for Home Inspection in Illinois, but I realize it may take years before I can rely on Home Inspection as a sole source of income.  So, I'm not sure what's the best way to structure the new business in the eyes of the State while my first business is still running.

1.  Do I start up a new, entirely separate S-corp?  I think this would be the best way to eliminate the appearance of a conflict of interest, but isn't it a pain in the butt filing 2 returns, plus managing separate quarterlies, bank accounts, credit cards, and checks?  Don't I also have to decide on allocation of payroll taxes or something like that?

2.  Or can I set up something like a Single Member LLC, owned by my first company?  I've heard that would be a legally separate entity, but only one tax return is filed.  Anyone familiar with this option?

3.  Or can I just stay with my original business name (which incidentally ends in "Home Services") and start a new division for Home Inspection with a new name, somehow maintaining full disclosure to avoid an appearance of a conflict of interest?  That way, there'd be no changes as far as filing taxes or managing accounts, but would I be leaving myself open to problems this way?

4.  These are just some ideas I have.  There are probably other ways of doing it, but getting advice from an accountant this time of year is pretty tough.  Does anyone here have experience running 2 businesses with a potential for a conflict of interest?  How are/were your companies structured?

Just in case you were wondering, I will never work on a house I've inspected, and I will never inspect a house I've worked on.

Thanks, in advance.  And many thanks to posters in other threads regarding phones, tablets, and software/cloud options....And, of course, thank you, Dominic!

You could use the same name since it's ambiguous or just get a dba for now. The main thing here is to remember that when you're am Inspector, you're not a handyman and never the two shall meet. Make totally separate websites and never offer the both services to the same person.

Thanks, Dominic.  That little bit of info (a DBA) gave me some traction, but it's unbelievably hard to find an answer regarding the number of tax returns required and whether or not monies must be kept separate.  There sure are a ton of online companies ready to get you incorporated, though....

and never the two shall meet.

....Good advice.

Having 2 business is a great idea but it will depend how you handle it. If you want 2 business be sure to check ang monitor them so you can divide your time and your skill.

You should really ask these questions to your CPA or accountant, especially since you already have an S Corp.

You're right, Jack, I should be able to ask my accountant these questions.  Thing is, he's like way too many people nowadays:  He doesn't like communicating or explaining anything, and he's the third accountant I've had like that.  If I could find a better accountant, I'd switch in a heartbeat.

But to let you all know, after much research, I've decided to form an LLC owned not by my existing company but instead owned by my own self.  If, over the years, I remember this first thread, I'll post any positives or negatives to going this route....

....See you on the HIP forums.