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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 38598
Experience:  Run my own successful business/contract law practice.
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Hi, I was the owner of a fairly successfull general contracting

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Hi, I was the owner of a fairly successfull general contracting company in the state of Florida right before the recession hit. When the recession hit, the a bank that I had commercial and residential loans called in the lines, and I've been fighting and held down from moving forward for 3.5 years now. Fast forward to today, and I'm in new Jersey, trying to start up a small contracting business, but my credit is in a shambles. My question is, how do I start up a business cleanly, and move forward with new tax ID numbers when my social security number is XXXXX to through negativity in my new venture. HOW DO I RESTRUCTURE ????
Submitted: 1 year ago.
Category: Business Law
Expert:  Dimitry K., Esq. replied 1 year ago.
Thank you for your question. I am a licensed New Jersey professional. Please permit me to assist you with your concerns.

That is a good question. Do you owe on personal debts or on business debts? In addition, are you thinking of opening up a new usiness outright, or modify your current business?
Customer: replied 1 year ago.


I am battling the bank, my credit reports are negative, both on the personal and business side. I want to open a new business out right !!!

Expert:  Dimitry K., Esq. replied 1 year ago.
Ernie,

This makes it a bit difficult. Have you considered bringing in a partner or opening the business under a different name?
Customer: replied 1 year ago.


A different name always requires the same social security number. A partner always leeds to less profits and more problems down the road.

Expert:  Dimitry K., Esq. replied 1 year ago.

Ernie,

The concern here is if you have debts under the current ESN and the business EIN (If you have one), you cannot make a clean break from your debts. This is one of the reasons I suggested a partner or even have he business under the name of someone else, at least at first. The bank will potentially consider your new business entity your new 'alter ego' and will attempt to pursue it if the business is under your name. The chances hat they will pursue you drops if your ownership is not shown or is somewhat dissolved in the business with other partners. This is why I am suggesting partnerships because now if this business is started with a new EIN and begins to do well, the bank may attempt to seek those assets and attempts to 'pierce the corporate veil' to get at them. This can happen if the business is a sole proprietorship (highly non-recommended), or an LLC, S--Corp or any other limited liability entity. The more partners and the less percentage of ownership you have on paper the less likely your assets and business is to be pursued by your personal creditors.

Good luck.

Dimitry K., Esq., Attorney
Category: Business Law
Satisfied Customers: 38598
Experience: Run my own successful business/contract law practice.
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Run my own successful business/contract law practice.