Re: [SL] SL Configuration Questions - multiple businesses

[Roland P. <Ro...@Qu...>]

Thanks, James,

We will be strongly considering an LLC business structure so keeping
that business separate makes sense. 
 
I still have some questions regarding our personal configuration.   Has
anyone used the department or project
designation of SL?  When would you recommend using each.   What are
their strengths ans weaknesses?

Roland

On Mon, 2004-10-11 at 05:21, James P. Kinney III wrote:

> I would recommend that you completely seperate all three. As business A
> and B are not really subsets of either, having them organized in
> departments is not accurate.
> 
> While it is easy to lump all business assets in as personal ones for a
> sole prop, as you mentioned, the plan is to convert one to a corp in the
> future. Having the accounting already a standalone function makes the
> initial setup much easier.



> On Mon, 2004-10-11 at 02:33, Roland Porth wrote:
> > I am attempting to set up SL to record my finances.  I have two small businesses which
> > because they are sole proprietorships are really just subsets of my personal finances 
> > and US tax return.  What is the best way to configure SL to support my needs?  
> > 
> > (I have purchased the SL support & manual but it has very little information in using 
> > SL Departments vs SL Projects)
> > 
> > -------------------
> > Structure 1:
> >         Dataset 1
> >           -Dept A - Personal, non business
> >           -Dept B - Business 1
> >           -Dept C - Business 2
> >          where everything is contained in either Departments A, B, or C
> > -------------------
> > Structure 2:
> >         Dataset 2
> >           -Dept A - Business 1
> >           -Dept B - Business 2
> >          where all personal accounts are not defined to be in a Department
> > -------------------
> > Structure 3:
> >           Dataset 3 - Personal
> >           Dataset 4 - Business 1
> >           Dataset 5 - Business 2
> >         where all datasets are independent
> > Questions:
> > 
> > 1) Is anyone using SL Departments?
> > 
> > 2) Is this a reasonable way to use SL Departments?
> > 
> > 3) Should I be using Projects instead?
> > 
> > 4) What are the advantages and disadvantages in the above structures?
> > 
> > 5) Which structure should I use?
> > 
> > 6) Is there a better structure which I have not considered?
> > 
> > 7) Business 1 may be converted to a corporation in about 2-3 years.  Should this effect
> > what structure I choose now?
> > 
> > 
> > --Roland
> > 
> > !DSPAM:416a32f385671544364091!