can i start a business?
July 21st, 2008 by Questions
I do some work from home that I`d like to turn into more of a full-time business. I went bankrupt in 2006 and was discharged last summer. At this point, am I able to start a business? I have family support, money-wise, so borrowing to start the business will not be a problem – also, the amount I need to borrow is minimal – less than $2000, so it is a manageable amount.
Posted from: Ontario
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July 22, 2008 at 8:17 am, A licensed trustee said:
Yes you may, in fact (for the other folks reading this posting) yiou may start a new business or continue with a non-incorporated business during your bankruptcy. You don’t have to wait to be discharged.
A word of warning for “new businesses” – most new businesses fail becuase the operators forget that it takes time to build a business and cash flow for the first couple of years can be very tight. Make sure you budget enough money to live and that you keep all of your government obligations (taxes and payroll charges) up to date…