Business Bankruptcy And Taxes
We are filing for bankruptcy, but we want to start a business, should we wait?
My husband and I are filling for bankruptcy because of some very stupid mistakes we have made. But we are going to start a business, we want to start it right away. Should we wait until the bankruptcy is over before filing for a business license and tax ID number? We do not plan on starting to do business until after the bankruptcy is over but we want to get the ID number and business license now. Should we wait or go ahead with it?
Advice is appreciated.
Thanks
No, I have never owned a business. The business I am going to start I am sure would do very good in the area I am in.
In addition I am not paying for the license–in my county it costs less than $120 for everything. And I am not going to be paying for my inventory, and I will be operating out of my home so I will not have to pay rent or a lease. And I have accounting software and a brother-in-law that is an accountant.
I just wanted to know if it would cause problems with the bankruptcy.
You recommend waiting until the bankruptcy is discharged to get the business filed in your state and EIN. That way your creditors cannot question where the money is coming from to start the business and not paying them. Its better to be safe then sorry later if the judge does not honor a discharge.
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