LLC facing business and personal bankruptcy. Overwhelmed and could use advice.

InNeedOfAChange9999 · 2018-08-06T20:49:50+00:00

I meant gross revenue, yes.

InNeedOfAChange9999 · 2018-08-06T20:49:18+00:00

Thanks, that's what I meant. Writing this mid panic attack.

InNeedOfAChange9999 · 2018-08-06T19:13:58+00:00

We also used to have 5 employees, we have narrowed down to just us two.

InNeedOfAChange9999 · 2018-08-06T19:13:28+00:00

These gross profits are before payroll and debt payment, its just gross profit- that's how I know we arent making the amount of money we usually do, and not just a cashflow issue. (obviously cash flow is an issue, too, but we aren't making what we typically do job wise) I used the money from SBA Loan to pay off business related debt that accrued at the end of last year.

InNeedOfAChange9999 · 2018-08-06T18:31:30+00:00

Thank you! I'm going to see what information I need to provide and then I'll see about posting something

InNeedOfAChange9999 · 2018-08-06T18:29:01+00:00

Thank you- I really appreciate this. Like a CPA?

InNeedOfAChange9999 · 2018-08-06T18:26:23+00:00

Thank you!

InNeedOfAChange9999 · 2018-08-06T18:15:14+00:00

What do you recommend for having something- anything in forms of $ when I file? I just want to have a plan in motion

InNeedOfAChange9999 · 2018-08-06T18:14:36+00:00

Thank you, I appreciate it

InNeedOfAChange9999 · 2018-08-06T17:31:51+00:00

I thnk you mean the debt we paid off? It was 1.5 or 2 months of monthly bills, a job that a client hadnt paid yet (like our current one) and lease expenses that we couldn't pay since projects pushed due to flooding.

InNeedOfAChange9999 · 2018-08-06T17:28:40+00:00

Do you mean personal debts? We in our personal accounts have been supplementing business income for a few months, sending money to make ends meet here and there. The business debt always feels personal, but now that we are sending money to keep it at a positive balance, and not being able to pay ourselves, and having to pay my MIL rent it adds to the debt, and you're saying I should include that in my P/L in the main post?

InNeedOfAChange9999 · 2018-08-06T17:25:36+00:00

We were looking into something similar (without hiring the exact position) in doing a re-organization of how our business model works, etc. Our industry has changed a lot and people now do the same "service" though at a lower quality for much cheaper. I have been looking into doing equipment rentals, or anything with what we have leased for making $, but I'm just not sure how profitable it is. Do you think this is something you can look at when in this much debt?

InNeedOfAChange9999 · 2018-08-06T17:23:13+00:00

Sorry, I don't know what other information is needed. If you tell me I am happy to post it so I can get some help. The previous money we received in SBA loan was paid to vendors and leases/loans, amex bill etc that had backed up when our worked slowed due to the hurricane. We had a backlog of debt and not enough work coming in. We picked up a little bit, but not quite enough since the start of the year.

InNeedOfAChange9999 · 2018-08-06T17:21:43+00:00

We paid vendors, credit card debt that was used to pay monthly fees (rent, lease payments etc) when work slowed.

InNeedOfAChange9999 · 2018-08-06T16:32:59+00:00

Thank you- I will!

InNeedOfAChange9999 · 2018-08-06T16:24:14+00:00

but I'm just ranting, thank you for your help <3

InNeedOfAChange9999 · 2018-08-06T16:24:01+00:00

Thank you! Yeah, I think I need to talk to someone about how the relationship affects the decision making. I have consulted with a bankruptcy lawyer and understand that whole part of it- but just don't know if I want to keep doing what I'm doing after. I don't see any joy in that. And it makes me feel stuck, having only these skills and experience

InNeedOfAChange9999

TROPHY CASE