Dimitry
New Poster
Cash: $ 0.45
Posts: 2
Joined: 11 Jan 2005
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| Terminating a business? |
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Well, two summers ago I decided to jump into the world of entrepreneurship and invest into starting my own business.
Unfortunatly I jumped into a bigger mess than I could handle. I wanted something small on the side, but couldnt manage both business and school.
I've since shut down my small website and let go of few clients that I had and havent actually ran the business for quite a few months. College keeps me as busy as ever and that's plenty for now. I am considering however to startup again with new ideas hopefully right after I graduate.
But for now, I don't want to be dealing with taxes that involve business. What would be the best way to go about terminating my business registration with the state (Pennsylvania) and how would I handle the tax situation, etc. Anything you have help me with would be great.
Thank you very much,
Dimitry
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Tue Jan 11, 2005 12:32 am |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 796
Joined: 19 Sep 2004
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I guess you would need to outway if it is worth it to hold onto the busness jsut for name recognition not to mention you can say oyu have been in business for X years.... If you plan on starting it up again in the very near future you might be better off holding onto it...
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Tue Jan 11, 2005 2:45 am |
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Andrew
Admin
Cash: $ 460.25
Posts: 1695
Joined: 02 Nov 2003
Location: Texas
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If your income is zero, taxes are a breeze...
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Tue Jan 11, 2005 5:54 am |
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Dimitry
New Poster
Cash: $ 0.45
Posts: 2
Joined: 11 Jan 2005
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Income is indeed zero (unfortunatly), but won't this arise suspicion that I'm not reporting some income? Hm, I'm not sure why I'm worried so much about this.
However, I still would like to terminate this business. I've already got a better name lined up if I AM going to be doing something later. What I had previously/now doesn't necesseraly work and the brand isn't as developed as you'd think.
I'm just not sure what steps to take to even start looking into this. Is terminating a business something that must be done locally or in some gov'nt office?
Thanks
Dimitry
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Tue Jan 11, 2005 12:47 pm |
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