Starting a small business
in Business, Accounting & Taxes ·
Hey, so I’ve got a bit of a situation here and a question for you guys.
I ran my own small business for five years, and after I shut things down, I worked out a payment plan with the IRS to settle up my back taxes.
That's still ongoing for a while yet, but I'm thinking about starting back up again—maybe an LLC or just going solo as a contractor.
Since you usually need a clean slate with the IRS to get approved for a new business entity, I was wondering if there's any way to reopen under the same name, or am I stuck waiting until I finish paying off everything per the agreement?
It’s just an administrative setup where I'm paying it off over 24 monthly installments.
I ran my own small business for five years, and after I shut things down, I worked out a payment plan with the IRS to settle up my back taxes.
That's still ongoing for a while yet, but I'm thinking about starting back up again—maybe an LLC or just going solo as a contractor.
Since you usually need a clean slate with the IRS to get approved for a new business entity, I was wondering if there's any way to reopen under the same name, or am I stuck waiting until I finish paying off everything per the agreement?
It’s just an administrative setup where I'm paying it off over 24 monthly installments.