Office 365 - best way to setup subsidiary company

We're currently in the process of expanding to Puerto Rico.  We are curently using office 365 e1 plan which is email only.  We have our current domain company1.com  

I'm not sure of the best way to create and manage company2.com  I know I can add another domain to our current office365 account, but I'm wondering if there are any other ways to do this and what the pro's and cons might be.  

Some more info on how the two companies will interact:
We will most likely be setting up sharepoint sites, some employees in each company would need to access the other companies sharepoint site.  

Eventually, company2 will have it's own IT manager and we don't necessarily want that person to have administrative access to company 1.  Is it possible to set permissions in the office 365 control panel for each domain?  

Thanks in advance!
asgJimkAsked:
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Jeffrey Kane - TechSoEasyConnect With a Mentor Principal ConsultantCommented:
Since you don't want to mix administrative access then you should set up two Office 365 tenants.  (Microsoft Online Services is controlled by TENANT name --ie, yourcompany.onmicrosoft.com, not domain name)

Once you upgrade to an E2 or E3 plan, there is no problem with users from each company both collaborating on SharePoint sites or communicating with each other via Lync.

Jeff
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asgJimkAuthor Commented:
So is a tenant the same as creating a new account?  Or can I create another tenant under my current admin login?
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Jeffrey Kane - TechSoEasyPrincipal ConsultantCommented:
It's a separate account.  The only way you can administer completely separate accounts is if you are a Microsoft Partner and are granted delegated admin access.
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Jeffrey Kane - TechSoEasyPrincipal ConsultantCommented:
Alternatively, you can limit the admin roles of the IT staff at Company2 -- by only granting them access to certain types of things.

http://onlinehelp.microsoft.com/en-us/Office365-enterprises/ff637584.aspx
http://technet.microsoft.com/en-us/library/dd298183.aspx
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asgJimkAuthor Commented:
Thanks...I guess it comes down to the administration question which I'll have to figure out.
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