I will have an LLC that would have an umbrella of 3 different businesses. The umbrella will pay the bills, and any inventory. The individual businesses will operate as normal. The umbrella will be known as FSP Enterprises. When doing a business check – this is what would show. Each business will have its own business name, but all incoming and outgoing funds will go to/through FSP Enterprises. The 3 businesses will be as follows:
- Big Frank’s Pizza
- Frank’s Convenience Store
- FSP Realty
One benefit of these three businesses is they will all be located in buildings I will own. This means there will be no rent that would have to be paid for the establishment. Obviously, I will have property taxes, and there will be a disadvantage of not collecting rent on a store-front. However, the benefits will outweigh the disadvantages.
I will acquire a number of SIP phones for all of the businesses. The goal will be to have 10 phones which will allow me to place FSP Enterprises logo and stamp on all of the phones. This will connect with a telephony server that would manage all of the SIP accounts, and services. While I could technically place every business in my personal account, this will not qualify for tax write-offs. In addition, E911 information will not be accurate. With that said, each business will have its own SIP account, and each business will have its own E911 addressing.
I will need employees. There will be a need of multiple employees for each business. This will hopefully be able to have the job filled, and provide for a means of improving the quality of the employee. All jobs will have a starting pay of at least $15/hour, and specialized jobs will have a significant salary since they are not under any particular hours, but may have to work after normal business hours. This will likely only apply to the maintenance person.