Can a registered subchapter s corporation be used as an umbrella for other family businesses?

Question

i set up a subchapter s corporation a long time ago that i have used for one business purpose, but i always wanted to pass this down to my grandkids. it is registered in the state of illinois.

being that i am the sole owner of this subchapter s corporation, owning 100% of the stock, can i let my grandkids open their own companies underneath the corporate name?

i.e., must i sell stock to them, transfer the entire ownership to them (but each has a different type of business to run using it, and they are not related to my own business purpose), or is there a way that my corporation can simply act as a corporate umbrella so that the boys can open their own companies and share in the benefits, for example, purchases made under one account name, which would be my corporate name? for example, insurance costs less if purchased for a number of concerns/insureds than if they all buy it individually.

thanks!

Answer 1

I am sorry, i tried looking up your answer on various websites and even posted the Question on a site much similar to this but have had no response. if i do in future. i will let you know. for now sorry. try going to wiki though