Starting an LLC: Where to begin?
in Business, Accounting & Taxes ·
Hey there! I have a question that isn't really about starting a business from scratch, but more about managing an existing LLC...
My dad used to run an LLC that was doing great. Aside from him, I’m listed as a director, though I’ve never actually worked there (one of the previous directors stepped down, so my dad added me to the paperwork). To make a long story short, my dad has fallen ill to the point where he won't be able to work again, and the company isn't really active right now. We haven't filed for bankruptcy or anything, and there aren't any debts—we just keep filing zeroed-out tax returns...
Since I'm seriously considering starting my own thing alongside my current job, I'm torn. Should I try to keep this LLC going (maybe update the directors and add some new business activities) or would it be better to sell it, shut it down, and just start as a sole proprietor?
It feels kind of pointless to close one door just to open another, even if starting fresh feels "cleaner" since I wouldn't have any old baggage attached...
What should my first steps be? I suppose I'd need to remove my dad as director (probably based on medical certification?), check if our current registered activities cover what I want to do, and see if I can actually start working before all that is sorted out...
Thanks so much for any advice! Best... 😉
My dad used to run an LLC that was doing great. Aside from him, I’m listed as a director, though I’ve never actually worked there (one of the previous directors stepped down, so my dad added me to the paperwork). To make a long story short, my dad has fallen ill to the point where he won't be able to work again, and the company isn't really active right now. We haven't filed for bankruptcy or anything, and there aren't any debts—we just keep filing zeroed-out tax returns...
Since I'm seriously considering starting my own thing alongside my current job, I'm torn. Should I try to keep this LLC going (maybe update the directors and add some new business activities) or would it be better to sell it, shut it down, and just start as a sole proprietor?
It feels kind of pointless to close one door just to open another, even if starting fresh feels "cleaner" since I wouldn't have any old baggage attached...
What should my first steps be? I suppose I'd need to remove my dad as director (probably based on medical certification?), check if our current registered activities cover what I want to do, and see if I can actually start working before all that is sorted out...
Thanks so much for any advice! Best... 😉