How many of you run more than one business?

[buhh]

Hi there,

Just wondering how many of you have more than 1 business.

Do you have the insurance covering all Companies or seperate insurance for different Companies?

 

[An Oasis]

Separate, as they involve different aspects/risks/personal/equipment...

 

[adventurelife]

You need different insurance for different companies. Also different bank account/Vat etc etc

 

[Officebird]

Seperate, at different levels and from different companies. You must have different insurance for each business as it will cover different things.

I'm not sure you need seperate bank accounts by law. It is obviously the best way to go about things and I wouldn't recommend anyone mixes bank accounts but I think by law you be a sole trader and just use your personal account should you wish. Imagine how complecated that would be! I suppose some people are unable to open a business bank account so just use the current account they already have.

I think you will find a lot of people on here with more than one business interest. I'm quite new to the whole business thing but do think its a good idea not to have all my eggs in one basket!

 

[Paul Kelly ICHYB]

If the companies are affiliated/part of a group, single insuranace is possible/advisable.

If they are independant and, especially, in different areas of business separate would not only be advisable, but, I guess, required!

 

[DesignsOnline]

Just the one company, we did once try running 2 but it was a major hassle and we decided to just run with the Web Site Design and Ecommerce business.

 

[spigwell]

Just the one company, we did once try running 2 but it was a major hassle and we decided to just run with the Web Site Design and Ecommerce business.

Nicely plugged

 

[DesignsOnline]

Nicely plugged

Why thank you, im rather pleased with it.....

 

[Mattonella Tile Studio]

2 businesses, run completely separately but they compliment each other.

 

[trevorwood]

2 ltd companies - keep everything separate except for the desk space shared by their respective computers, oh and we use the same accountant for each business.

 

[davidshaw89]

if the taxman sees that you are using the same computers for each company, he might suspect that you have only seperated the companies to avoid vat. I would be careful on this one.

 

[trevorwood]

I think there's a misunderstanding - the computers are separate, it's just the same desk they share

 

[maxine]

2 ltd companies - keep everything separate except for the desk space shared by their respective computers, oh and we use the same accountant for each business.

snap!

for 3 companies though shared office but one desk and pc per business

 

[trevorwood]

snap!

for 3 companies though shared office but one desk and pc per business

I didn't say anything about only 2 computers - currently I have 7 of mine (1 for one company 6 for the other), 1 client's, 4 that are in need of dismatling and disposingof and 1 I'm looking after for a friend while he is in France and has let his house

 

[leemason]

Got two companies:

BackupsAnywhere Ltd for the online backup services

Optimal Projects Ltd for general IT consultancy

 

[davidshaw89]

I didn't say anything about only 2 computers - currently I have 7 of mine (1 for one company 6 for the other), 1 client's, 4 that are in need of dismatling and disposingof and 1 I'm looking after for a friend while he is in France and has let his house

Sorry Trevor, I thought you meant the same computers were serving both companies.

For anyone wishing to avoid vat by seperating their affairs, you need to make absolutely certain that the companies do not "seem" related to the taxman (sharing of computers, or staff even), otherwise you will be liable for back Vat payments.

 

[Officebird]

Sorry Trevor, I thought you meant the same computers were serving both companies.

For anyone wishing to avoid vat by seperating their affairs, you need to make absolutely certain that the companies do not "seem" related to the taxman (sharing of computers, or staff even), otherwise you will be liable for back Vat payments.

I am a sole trader with Officebird and have a computer in my office and a laptop at home which I use for this business. This business is me as a Virtual Assistant.

I am also a Director (been deciding over the last few months, agreed then wobbled and have now signed at long last) of a Ltd Company (Du Services CIC). There are 2 other partners in this Company and they both work from home, with me working from my office and home - using the same computers as I use with Officebird.

The Ltd Coy is VAT Registered and me as a Sole Trader is not.

The Ltd Coy is a Service Design Social Enterprise and in no way connected to the Virtual Assistant Practice.

Am I going to get in trouble with the VAT man?? I'm not avoiding VAT in any way and all the files on my computer are seperated out as either Officebird or Du Services.

Ooooh! I'm worried now!

 

[maxine]

I didn't say anything about only 2 computers - currently I have 7 of mine (1 for one company 6 for the other), 1 client's, 4 that are in need of dismatling and disposingof and 1 I'm looking after for a friend while he is in France and has let his house

Sorry, I assumed from your post it was 2 companies, my mistake

and I have heard of dog-sitting, baby-sitting, but not company-sitting

 

[ryanlundwebsolutions]

if the taxman sees that you are using the same computers for each company, he might suspect that you have only seperated the companies to avoid vat. I would be careful on this one.

This may be a good point actually. However what if you are a sole trader for one company and a partner in another? Does using the same computer for both these business cause a problem in that case?

 

[downsouth]

Do you have the insurance covering all Companies or seperate insurance for different Companies?

How many online retail business have insurance cover?
Is there any 'real' need?

 

[downsouth]

post deleted, double posting, Sorry

 

[JamieM]

How many online retail business have insurance cover?
Is there any 'real' need?

There is no legal reuirement unless you are an employer but it depends on the size of your business and how much risk you are willing to carry for yourself.

If you work from home, you still might want public liability to cover visitors (couriers, suppliers etc) to your premises.

You will also be wise to consider Products Liability as if a product causes injury or damage you could be pursued as a retailer, in the event that you have imported the goods from overseas or if the manufacturer has ceased trading for example.

Another cover you may require is Property cover for your stock and office equipment which are unlikely to be covered under a household contents policy unless a specific extension is applied.

There are a few other covers available but Property and Liabilities are the main ones.

To answer your question with a guess, I would say that the majority of full time online retail businesses will have adequate insurance cover. Those who don't are living dangerously.

 

[sm1]

2 separate businesses

 

[F1SEO]

2 businesses, run completely separately but they compliment each other.

Hi Darren.

I just thought I'd say Hi outside the old tiling arena.

Peter

 

[Mattonella Tile Studio]

Hi Darren.

I just thought I'd say Hi outside the old tiling arena.

Peter

Hi Peter

Didn't realise you were on here. Nice to hear from you. Hope everything is well with you.

 

[downsouth]

Yep, 2 businesses for me, one as per my signature, ProtectSun and the other is my main business of IT Consultancy, Blueridge IT, covering mainly IT Security (Mainframe/ISeries), Identity Access Management and Compliance work