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Updated about 7 years ago on . Most recent reply presented by

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Kenny Layton
  • Investor
  • Fort Collins, CO
0
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5
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Can I have multiple SIC Codes for my real estate business?

Kenny Layton
  • Investor
  • Fort Collins, CO
Posted

Just got off the phone with my accountant and have run into a hurdle. He is telling me that since Real Estate Sales & General Contracting are in separate industries, claiming 2 un-related SIC codes will increase my odds of an audit. Currently I am a real estate agent and run my business through an S-Corp. I also want to be able to act as a general contractor and use my current S-Corp for this purpose as well. I could just setup another LLC to run the GC business, but I would prefer to keep them all under one business. This would also help me when applying for loans as my income can fluctuate between real estate sales and building depending on what I am focused on. Has anyone else run into this problem of trying to perform business activities in 2 different industries? What was your solution?

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