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