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new business

I am currently 3 months into my personal bankruptcy. I started a new business as a sole proprietor about 2 months ago and It is now starting to do well, better than i expected at this stage. I want to grow and sustain the business for the long term and to do that will require me to reinvest the profits into the business. Am I able to run the business as I see fit and be evaluated on the NET income or do I have to declare all gross profits before reinvesting revenues back into the business? If I do not reinvest at this early stage, the chances of the business sustaining over the long term will decrease substantially. Thank you in advance

Posted from: British Columbia

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One Response to “new business”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Due to the sensitive nature of this you are really going to have to discuss this with your trustee. From what you have said it is probably inappropriate for you to heavily reinvest in the business while you are in bankruptcy as it will effectively have a detrimental impact on your creditors. But without being intimately familiar with your file it is difficult for me to say anything concrete about this.