Started a LLC Home Business, but with Layoffs Had to Focus on Day Job and Family

Hi K.,

I would suggest that you talk to a tax accountant, because some of your losses may be tax deductible.

If you have already paid for your business license and are not using it, you shouldn't have to pay to cancel it or to close out your LLC. I recently closed out a franchise that I sold. I was not charged to close out anything. It should be simple if you never had any employees or retail sales to report taxes on.

If you are thinking about pursuing this in the future, you can probably keep your LLC open, but you may have to pay a yearly fee and do a small amount of paperwork each year.

Best wishes to you!
:)L.

Hi K.,
It should be no problem to close everything out. In fact I would even ask them if they will give a refund, which they may do on a pro-rata basis.

You may have to pay fees or taxes (whatever may apply) for the time the business has been open, but after that it should all be fine.

As fort he assets in the business, you are suppose to try to sell them...in this economy it may be difficult and then they will be a loss/deduction. As long as you try it should be no problem.

I started my photography business and then 3 weeks later found out I was pregnant. I decided to keep the business and do what I could. I only took time off after I had the baby and then slowly went back. I have a day job too and am glad to have the back up.

Best of luck.
C.

Hi K.,

You definitely have gotten some good advise as far as seeking legal help to remove/cancel your LLC business. I'm local to you and would be happy to share what I've been successfully doing from home with a company that provides the 1099 income tax form for me. With very little investment on my part, flexible schedule, excellent tax benefits and there is a huge earning potential.

C.~
www.HelpUstayHome.com

Sorry to hear that you had to pay for coaching and all the rest. My business I run from my home and the income potential is huge with out all that up front capital. You need to see a lawyer if you are in danger of penalties for not working your business. We moms out here do a lot of at home type of business but are not qualified to give legal advice. Will the people that helped you start the business give you any information without charge? Is there anywhere in your paperwork that gives you a number to call? What kind of business is it if I might ask?

Hi K.!

My first advice is to contact the person or firm who helped you start this business. Find out how to cancel all these things you've mentioned. For sure they'll have that information. If not, contact the business licensing office in your area for the business license, the department of corporations in your state for the LLC, and the office of taxation for the TIN.
As far as the monetary or legal consequences, if you have signed a contract or agreement read it again. Most of the time you will find the answers in it.
I hope this helps.
M. M