Two companies with different partners

[jeff_a1@yahoo.com]

Hi, 

 

   I am on GC and owned company A with sleeping partner and recently started with new company B with 2 more new sleeping partners and old sleeping partner. I completely involved in Company A activities, but for Company B, we hired some one who takes care of all operations, recently i got to know that i should not own multiple companies since both are similar businesses, as i can influence the company B for company A benefits. I did not have any intention to do that, i already treat both are 2 different companies with different partners. I could not understand whats wrong hear. Can someone explain to me ? I know few guys who are doing similar operations, but worrying as i got to know that its not good practice. Both companies registered with 2 different names. 

 

   

[JoeF]

Huh?

Of course you can own multiple businesses, similar or not.

Steering one company's business towards another company you own may be an issue for stockholders, and may have to be disclosed for SEC filings. If your businesses are traded on the stock exchange, then the businesses would have CFOs that know these things. If your businesses are small, there is no issue, other than the other stockholders not liking it.