April 14, 2008 9:07 AM EDT
Hello. I have a question regarding operating a second business under an existing S-Corp. My husband and I are 50% owners of an S-Corp which we use for operation of his 1-person electrical contracting business.
I am considering doing some freelance work while I keep my day job. (Note that I am an engineer, but the freelance work would not be engineering related, to avoid liabilities while still a full-time employee for someone else).
If I did any freelance work, would I be able to run that income through the S-corp? Or would it be wiser to keep it separate and just treat that as a separate sole-proprietor business? If I do operate two different lines of business through the S-corp, are there forms to file?
Anyone know of good reasons to perhaps set up a separate corp or LLC? I don`t want to file 3 sets of taxes or pay multiple corporation fees, so that`s my reason NOT to.
I do have an accountant, who will be able to answer specifics for our state,etc., but it is 4/14. . .he may be a little busy today.
Thanks for the input!