2 Businesses one Credit Card Unit?

[Chris]

Have just joined the Forum so hoping for some experienced advice - Forum also looks great.
We have entered into a partnership with two new wedding ventures - One a Bespoke Jewellery Business and the other a Bridal Dress business. Now we have leased a credit card unit from Streamline for our Bridal Dress Business and wondered if we can use it also for the Jewellery Business? Both shops are located next to eachother literally - we cannot combine the businesses as we have a different partner in each. God I hope that doesnt come over too complicated. Any help will be greatly appreciated. Regards Chris

[lucas.bowser]

What does your Streamline rental agreement say? You may not be able to do so legally. Further, I think you are creating a bookkeeping issue.

Before you do this, try answering the following questions:

How are you going to keep you payments, returns, fraud claims, etc... straight?
How will you keep your partners satisfied that the books are correct?
Have you already approached the partners for both businesses about sharing this? Are they okay with that arrangement?
What are the repercussion for future tax audits?
What does the law say about commingling your revenue like this?
Are you opening your businesses up to each others indiscretions (if such things were to occur)?

I don't know how much you would be saving each month. But I think you are definitely introducing an element of risk that may not be worth it in the long run. But you and your partners will have to decide that.

[Chris]

Thank you so much for your response, these reflect some of the concerns I have had about the concept but trying to convince my good ladies daughter has been a little difficult, I do hope she will understand that my concerns are genuine and not interfering. Thank you again.