Business Owner 341 ?

[paintinrosesred]

We are sole proprietors... and we file CH7 in two months.
What type of business documentation will the trustee want at the 341 besides our bank statements and tax returns?
My atty said to have a Profit & Loss statement.
Anyone who has had a 341 and is a sole proprietor (or business owner).. please.. let me know what specific business docs you needed??
I just want to be prepared and I'm stressing way too much on this!! I might soon have gray hair.

[WoodSprite]

We are sole proprietors... and we file CH7 in two months.
What type of business documentation will the trustee want at the 341 besides our bank statements and tax returns?
My atty said to have a Profit & Loss statement.
Anyone who has had a 341 and is a sole proprietor (or business owner).. please.. let me know what specific business docs you needed??
I just want to be prepared and I'm stressing way too much on this!! I might soon have gray hair.

For what it's worth, I was asked for exactly NOTHING related to my business, aside from the bank/paypal statements that were filed along with everything else. The trustee didn't even mention it at my 341. Of course, I'm waaay under the median, and I'm a musician, so my business is fabulously unprofitable. I'm sure you'll hear from others with more relevant experience.

A profit & loss statement sounds like a good plan in any event. By all means, overprepare...but do it to keep yourself from stressing!

[soleprop]

x2, i'm a sole prop seamstress and filed CH7 nonconsumer no asset; wasn't asked for any additional doc at my 341 aside from bank statements.

[paintinrosesred]

Thank you both for your response!!! I'm beginning to breath again....
Anyone else have additional docs required because they were sole proprietors?

[BROKENN]

Hi Roses, I have two businesses and I was required to do P/Ls for atty to figure all my schedules with. I use Quickbooks and have many accounts. QB will pull a P/L right from the account. I had a bad habit of paying some bills through other accounts when in a hurry or it was split but I had my line items correct. So I imported the QB P/L into excel and put the right numbers together under the right P/L. Two business P/L and the family personal P/L.

That is how he found our gross income for the test. It is the amount from the bottom of the business P/L and what was deposited into the personal P/L as income, then we take out our expenses. Gross is not the business.. (seen this a few times from people).

He said mine were so good that he put them in our folder straight. But I am not an accountant, I just hoped I could help!

Good Luck. Its no big deal, just some paperwork that shows the same thing as your statements, just organized into their catagories.

[paintinrosesred]

Thank you brokenn! That makes me feel better. I'm probably stressing way too much and I'm sure everything will be fine.

[AnnaO]

Only Asked for Personal Records

I filed ch. 7 because of bad, bad, bad business venture. Unfortunately, no one seems to care about the business records or taxes. A month after 341 hearing,the trustee asked for every statement on every personal account that I (and husband because of community property state) had signing authority on. He didn't ask for anything related to the business even though that was the reason for this mess! I sent him everything including all the business financials and taxes (afterall, I had signing authority on business bank accts).

As new business owner, I had to provide personal guarantee on every business debt, so it didn't matter whether I was a corporation or not. I am actually annoyed that it is all treated like personal debt when it's a completely different monster. There seems to be very little to protect individual business owner when business goes bad.

But that is life. Now I await the trustee going through the mounds of paperwork and the discharge (which should be any day).

Good luck to you! I'm sure everything will work out.