I need some financial advice. I own two businesses, one makes money one loses money?

In terms of reducing your taxes that might be a good way to go about it, you'll have to talk about the implications to a CPA. From a financial point of view, I would worry about how it looks from a cost of capital point of view since you are adding a liability to a profit generating company. While you'll save money on the taxes from the losses you might just increase your leverage cost on your profitable company with your commerical lender.