I currently own small convenience store and I'm in the process of buying Deli Shop what are the con and the pro if I decide to use my existing corporation with the new business and what would be the best way to structure that and how .
Go see a business attorney. This forum is for general legal questions and answers, not to substitute as a business’ general counsel. “Best way to structure it” and “how” are both issues which are far too broad and also require a detailed review of your situations.
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A good and reasonable question. Yes, you can have unlimited businesses under one corporate umbrella. Can and should are different analyses.
You can't put off having a lawyer and CPA any longer. The three of you need to have lunch to discuss.
To buy a Deli without using a lawyer and CPA would be folly and an invitation to surprises down the road. To keep you corporation in compliance with employment law, licenses, business law, taxes ... without a lawyer and CPA is just not sustainable.
You know that something that takes ten cents to "repair" now costs a dollar when it "breaks".
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts...
Your basic question is simply answered, a corporation can operate any number of businesses. As to whether that is the better option, you definitely need legal advice and most likely tax advice as well. There is no substitute for getting it right from the beginning and any money you spend now will be much less expensive than the costs of conducting business improperly.
I provided this response for informational purposes only, and nothing stated should be construed as legal advice specific to your situation since I have not been provided with all the facts and details. If you would like to consult directly with me, you would have to contact me privately for a consultation. Even then, I am not your attorney unless you and I sign an agreement to that effect. I am not licensed to practice law in any state other than California and this response is not intended to be considered as a solicitation of legal services. Please consider how much you have paid for this response before relying on it to determine your legal rights and obligations.
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