Have a Finance Question? Ask a Financial Expert Online.
NO not at all ... sole proprietor is actually what the IRS calls a disregarded entity, meaning that you just file a schedule C - a schedule of the1040, (to report income and business expenses) that simply flows to line 12 of the 1040 (personal tax return) - Business income or loss
the chapter 13 ( designed as a fresh start, a Federal statute, allowing one to escape the typical debtor/creditor law of the various states) of title 11 of the bankruptcy code - allows you to do essentially whatever you want ... in terms of starting new businesses, etc (Credit bureaus may not allow for a lot of credit at first - although Bankruptcy CAN generate new credit more quickly than than those with BAD credit that do nothing about it) - your bankruptcy does not in any way stop you from doing all the things that the constitution gives you the right to do ... start businesses, own assets, etc
I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)
If you have any questions at all, let me know
If this has helped, I would appreciate a feedback rating of 3 (OK) or better (excellent, is ideal)… That's the only I get credit for the work.
However, again, if you need more on this, please come back here, so you won't be charged for another question.
Let me know ...
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information. What happens now? If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
But again, let me know if you have any questions.
And again, No, there is no problem working as a sole proprietor after before or during Bankruptcy.
The bank asked me to get a TIN for my business (sole p) to open a business checking account, but online filing does not do a TIN but an EIN. What is the difference, which one is right for this type of business?
I now have a business licence with my state.