Be part of a startup while in a CH13??
I know it sounds corrupt, but here me out please..
I currently have a "steady" job that I have been paying on a Ch13 plan for 15months (5year plan). I plan on keeping this job but, I have an opportunity to be a part of a startup business that will cost me $0 out of pocket. I have the technical side and my partner (potential partner) will be covering the startup expenses. It is a Service based business where there will not have any overhead (minimum at most). We were looking at making the business an "S Corporation", if that made any difference in the outcome.. Alternatively, we would do an LLC.. (please advise if one is better since I am in teh Ch13 situation)
The question I have is, Can I be part of a "new stratup" business? I am looking at it like a second job that I would get. I plan on reporting all revenue that I make with the venture (if I can legally do this). If I can not, what will be an alternative? Working with him as a contractor? (reporting the money on this as well)
I am just trying to do what I can to get as much ahead as possible, while following the 13 guidelines... (13 was filed in Louisiana)
Please Help! Any advice would be helpful.
I currently have a "steady" job that I have been paying on a Ch13 plan for 15months (5year plan). I plan on keeping this job but, I have an opportunity to be a part of a startup business that will cost me $0 out of pocket. I have the technical side and my partner (potential partner) will be covering the startup expenses. It is a Service based business where there will not have any overhead (minimum at most). We were looking at making the business an "S Corporation", if that made any difference in the outcome.. Alternatively, we would do an LLC.. (please advise if one is better since I am in teh Ch13 situation)
The question I have is, Can I be part of a "new stratup" business? I am looking at it like a second job that I would get. I plan on reporting all revenue that I make with the venture (if I can legally do this). If I can not, what will be an alternative? Working with him as a contractor? (reporting the money on this as well)
I am just trying to do what I can to get as much ahead as possible, while following the 13 guidelines... (13 was filed in Louisiana)
Please Help! Any advice would be helpful.