Opening a 2nd corporation

 

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Opening a 2nd corporation

I am currently operating a serviced based company in Ontario, Canada. We are planning to offer a new service to our clients which is not totally in the same category as our current services.
I am thinking of opening a 2nd company for this new service to limit liability from the main company and operate it out of the same office as the main company.
I was told by another company previously that there are benefits to have 2 companies in terms of taxes etc. Does anyone know specifics of what they might be referring to?
We’d obviously need separate books and tax accounts. Would we require separate business insurance or would an insurer be able to cover both companies under one policy? Do we need a separate bank accounts or can we use the same account between both companies? For payroll, staff would be working for both companies. Do we have to track all hours for each employee and which hours they were working for each company? Seems like a nightmare if we do.
Is there a better way to go about operating a separate company at the same location?

Opening a 2nd corporation

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