What is the name of your state (only U.S. law)? TX
I have a 5 year S-Corp for my MLM biz that I did very well with. With the high cost of advertising, business slowed down tremendously over the years. Especially with today's economy and having had some Credit lines cut, sales have slowed down and consistent advertising is difficult.
We have some PG and non PG creditors. I understand that it would be best to file both Corporate and Personal BK as I would still be personally responsible for PGs. When we incorporated my MLM membership was transferred from my SSN to the Corps EIN as an asset to the Corp since this was the main source of income for the Corp. The main purpose for the S-corp was for tax benefits.
If we BK how difficult/easy would it be to get the MLM membership transferred back to my personal SSN. I would like to keep it as I may be able to use it on and off to make some extra income. Since any income from it would be totally dependent on my efforts the membership itself doesn't really have much value especially since there's really not much downline proudction. It probably averages about $700 to $1000 in downline royalties IF i produce my minimum sales of $1200 per month. I'm currently averaging $500 in advertising for $100 sale...Totally makes no business sense!
Think I have any chances of keeping/transferring the membership back to my personal name as sole prop if we BK both Corp and Personal?
Thanks!What is the name of your state (only U.S. law)?
I have a 5 year S-Corp for my MLM biz that I did very well with. With the high cost of advertising, business slowed down tremendously over the years. Especially with today's economy and having had some Credit lines cut, sales have slowed down and consistent advertising is difficult.
We have some PG and non PG creditors. I understand that it would be best to file both Corporate and Personal BK as I would still be personally responsible for PGs. When we incorporated my MLM membership was transferred from my SSN to the Corps EIN as an asset to the Corp since this was the main source of income for the Corp. The main purpose for the S-corp was for tax benefits.
If we BK how difficult/easy would it be to get the MLM membership transferred back to my personal SSN. I would like to keep it as I may be able to use it on and off to make some extra income. Since any income from it would be totally dependent on my efforts the membership itself doesn't really have much value especially since there's really not much downline proudction. It probably averages about $700 to $1000 in downline royalties IF i produce my minimum sales of $1200 per month. I'm currently averaging $500 in advertising for $100 sale...Totally makes no business sense!
Think I have any chances of keeping/transferring the membership back to my personal name as sole prop if we BK both Corp and Personal?
Thanks!What is the name of your state (only U.S. law)?