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S-Corp: Online Retailer filing Chapter 7

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  • S-Corp: Online Retailer filing Chapter 7

    Hi Everyone,

    I will be filing Chapter 7 personal in the next month (already found an attorney, just need to save money to pay him!)

    My specific questions pertain to my business:

    I will be filing a Personal Chap 7 and dissolving my S-Corp (S-Corp has 25,000 CC debt with my personal guarantee)

    I have a website and also sell on eBay and Amazon. I use PayPal as my credit card processor.

    I plan to continue running my business under a new name. I am going to file for a dba and get a new EIN and Sales Tax license.

    Questions:

    Do I start the process of getting a DBA and EIN now so that I am ready to go after the 341? I want to get the new EIN ASAP so I can start a new PayPal account under the DBA before I file bankruptcy since PayPal pulls credit reports.

    Do I start using the new name for the business right after the 341? At what point do I stop running the S-Corp and start running a DBA?

    I sell on eBay. Can I just change my username on eBay or do I need to start a whole new eBay User ID (I just hit 10,000 feedback on eBay so I would love it if I could just change the username)

    My website... A few years ago I registered a domain name just for storage. The domain name is the perfect name for my new DBA. Will there be a problem with me using a domain that I registered using the S-Corp funds? When I stop running the S-Corp the domain still has 1 1/2 years left on it. Can I put up a landing page directing customers to the new website or is that a bad idea? Can I email all my customers letting them know of the name change, new URL?

    Anyone have any experience in this area?
    341 Date ~ July 6th, 2011 ~ Wish me luck

  • #2
    I had S corp (consulting company) and filed bk7. Attorney explained that S corp is included in my property on day of filing. Next week I filed paperwork and set up new s corp.
    I don't know the answers to all your questions but don't file anything for new company before the bk filing date. Any new business you establish after that filing is yours, anything before is a potential asset for the trustee.

    Why are you using a dba. Are you going to set up new business as sole prop. ?
    Should you just file a new s corp?

    Comment


    • #3
      Originally posted by porkchopcash View Post
      Why are you using a dba. Are you going to set up new business as sole prop. ?
      Should you just file a new s corp?
      I'm going to set up as a sole prop instead of an S Corp this time around so that I don't have to pay $800.00 every year to the Franchise Tax Board for their minimum tax and deal with the corporate minutes and crap like that. I can always incorporate at a later date if I feel I need to...
      341 Date ~ July 6th, 2011 ~ Wish me luck

      Comment


      • #4
        understand on sole prop, that is your call.
        I would just make sure not to start any new business before filing date. Wait until a couple of days after for that.

        Comment


        • #5
          Originally posted by porkchopcash View Post
          understand on sole prop, that is your call.
          I would just make sure not to start any new business before filing date. Wait until a couple of days after for that.
          Thanks for the heads up on that. I will wait until after I file....
          341 Date ~ July 6th, 2011 ~ Wish me luck

          Comment

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