What is the name of your state? WA
Regarding WA and Puerto Rico
I have a relative that moved to PR and started a business there. He moved a little more than a year ago, the business has been open less than a year. He keeps telling us he is going to file for bankruptcy soon-January. It is costing $3000 a month and is making $400 -500 a month.
Isn't it common for a small business to not make money for the first year or two? I've heard of successful businesses that took three or four years to get established and develop a clientel before starting to be profitable.
His relationship did not work out down there and I am concerned he is going to dump his financial investment in the garbage and hurt his personal credit and ability to start another business if he wants to in a few years if he files prematurely. What are the consequences of filing for bankruptcy? Isn't it too soon to tell if the business is going to succeed or not?
Where can he receive small business advice? He keeps talking to us about it. We can offer moral support but we aren't business or legal advice people.
He lived in WA state before his move and is planning on moving back. Where does he need to file the bankrupcy at? I would think staying in Puerto Rico to handle everything would be best but tax-wise does it matter?
He made good money here the year before he moved and I thought his working back here and having someone else manage the store on a daily basis might also be an alternative. I know he has someone else who has management skills and I think would be willing.
Any input would be appreciated. Thanks.What is the name of your state?
Regarding WA and Puerto Rico
I have a relative that moved to PR and started a business there. He moved a little more than a year ago, the business has been open less than a year. He keeps telling us he is going to file for bankruptcy soon-January. It is costing $3000 a month and is making $400 -500 a month.
Isn't it common for a small business to not make money for the first year or two? I've heard of successful businesses that took three or four years to get established and develop a clientel before starting to be profitable.
His relationship did not work out down there and I am concerned he is going to dump his financial investment in the garbage and hurt his personal credit and ability to start another business if he wants to in a few years if he files prematurely. What are the consequences of filing for bankruptcy? Isn't it too soon to tell if the business is going to succeed or not?
Where can he receive small business advice? He keeps talking to us about it. We can offer moral support but we aren't business or legal advice people.
He lived in WA state before his move and is planning on moving back. Where does he need to file the bankrupcy at? I would think staying in Puerto Rico to handle everything would be best but tax-wise does it matter?
He made good money here the year before he moved and I thought his working back here and having someone else manage the store on a daily basis might also be an alternative. I know he has someone else who has management skills and I think would be willing.
Any input would be appreciated. Thanks.What is the name of your state?