I currently have a 2 other sites I have with different people. I am currently working on my own project that is totally different from those other websites. I am looking to setup a company as currently none of the sites are a legal entity, I had a thought of maybe setting up an umbrella company and house all the sites under that and have shares split between different people depending on the properties they owned. Do you think this would be the best way to setup the company or should each site be its own company?
If you have three sites with different owners for each, you should have each in its own business/corporation. In regard to your personal ownership of each project, you may want to create a holding company which owns shares in each of the three companies that has an actual business.
You'll need to talk to an accountant who's familiar with your local rules and the revenues from each project to determine if this is the best route for you.
Variations on this question come up frequently.
My perspective is set forth in Do I Need a Separate Corporation/LLC for My New Business?
Summarized briefly: A single entity minimizes costs. A separate entity for each business protects each business against the failure of any other. Only you can figure out which consideration is more important to you.
Disclaimer: This post does not constitute legal advice and does not establish an attorney-client relationship.