Let me give a few details.
Single member LLC. Service business No assets (phone computer printer, all of which I use for personal use too) that has its own EID#, but is taxed as a sole p.
the AVG GROSS income for the last few years has been 10-12k however, at that time, due to quite a bit of travel mainly to try to find new customers and set up new accounts. I end up 3-5k in the red. alot of the funds are used for personal stuff, but alot of my personal income has been used to cover travle cost as well (gas etc) I haven't been able to keep the 2 seperate, due to being so strapped for cash the last few years, and having to juggle things. I have not done nearly as much travle this year, but should barley break even, or show only a slight loss..
I don't keep alot of tickets, but I do have a mileage log and what not. The losses will also be reflected in my tax returns from previous years.
I only have 1 CC in the business name (backed by me personal) and its only like $600
I do have a "Business" AMEX card, but as far as I remember, it was never linked to my LLC only my Personal Name (that is all thats on the card)
Now, even with that income and not accounting for any expensses we still pass the income means test just FWIW.
I just want to know how it is going to be valued, Will I be forced to close it down, can i exempt it? If so how do I value a business that really does not make any money? and would be worthless without me. (the accounts can not be sold in any way and it is unlikely anyone else could keep the business I currently have) I do not want to lose it, Cause once I ever get out from all this other debt, I can refocus on it, and maybe grow it even (several years down the road). It is something I really only do part time, Since I work nights.
I acuatlly get all my income from 1 source, (I contract through them) but I have to build my own accounts, and do my own work, and get a %. If I had to, I think I could close the LLC and still work through them as a Sole P though and it shouldn't effect my customers since they are billed by the company I contract with, I really don't want to go through making those changes, If I don't have to as business has really slowed down, to only 1 main account for me... so I don't want to give them a reason to end our contract.
Nothing is ever easy for me I don't guess.
Single member LLC. Service business No assets (phone computer printer, all of which I use for personal use too) that has its own EID#, but is taxed as a sole p.
the AVG GROSS income for the last few years has been 10-12k however, at that time, due to quite a bit of travel mainly to try to find new customers and set up new accounts. I end up 3-5k in the red. alot of the funds are used for personal stuff, but alot of my personal income has been used to cover travle cost as well (gas etc) I haven't been able to keep the 2 seperate, due to being so strapped for cash the last few years, and having to juggle things. I have not done nearly as much travle this year, but should barley break even, or show only a slight loss..
I don't keep alot of tickets, but I do have a mileage log and what not. The losses will also be reflected in my tax returns from previous years.
I only have 1 CC in the business name (backed by me personal) and its only like $600
I do have a "Business" AMEX card, but as far as I remember, it was never linked to my LLC only my Personal Name (that is all thats on the card)
Now, even with that income and not accounting for any expensses we still pass the income means test just FWIW.
I just want to know how it is going to be valued, Will I be forced to close it down, can i exempt it? If so how do I value a business that really does not make any money? and would be worthless without me. (the accounts can not be sold in any way and it is unlikely anyone else could keep the business I currently have) I do not want to lose it, Cause once I ever get out from all this other debt, I can refocus on it, and maybe grow it even (several years down the road). It is something I really only do part time, Since I work nights.
I acuatlly get all my income from 1 source, (I contract through them) but I have to build my own accounts, and do my own work, and get a %. If I had to, I think I could close the LLC and still work through them as a Sole P though and it shouldn't effect my customers since they are billed by the company I contract with, I really don't want to go through making those changes, If I don't have to as business has really slowed down, to only 1 main account for me... so I don't want to give them a reason to end our contract.
Nothing is ever easy for me I don't guess.
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