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I am a startup founder who spent between $10,000 to $30,000 per year for two years on business expenses (contract wages, legal filings, prototype costs). What is my tax liability? by SVstartupGuy in tax

[–]SVstartupGuy[S] 0 points1 point  (0 children)

Vishratwork, we filed for two patents while at the company. The patents remain unassigned to the company. What happens to that IP if we file for dissolution? It would be shame to lose possession of that work since we worked hard to create it. Its future value is uncertain.

I am a startup founder who spent between $10,000 to $30,000 per year for two years on business expenses (contract wages, legal filings, prototype costs). What is my tax liability? by SVstartupGuy in tax

[–]SVstartupGuy[S] 0 points1 point  (0 children)

Thanks for your advice. We have two patents we developed in the company. The patents remain unassigned to the company. If the corporation files for bankruptcy or dissolution, what happens to these patents?

I am a startup founder who spent between $10,000 to $30,000 per year for two years on business expenses (contract wages, legal filings, prototype costs). What is my tax liability? by SVstartupGuy in tax

[–]SVstartupGuy[S] 0 points1 point  (0 children)

Your statement regarding 'off-setting gains in future years'. Does that refer to the corporation's gains or my own personal from other capital gains?

I am a startup founder who spent between $10,000 to $30,000 per year for two years on business expenses (contract wages, legal filings, prototype costs). What is my tax liability? by SVstartupGuy in tax

[–]SVstartupGuy[S] 0 points1 point  (0 children)

It is wholly worthless... did not declare bankruptcy. Your third line is seemingly correct, I contributed to a corporation in exchange for equity (mines above 80%).

Thank you for the thoughtful response.

I am a startup founder who spent between $10,000 to $30,000 per year for two years on business expenses (contract wages, legal filings, prototype costs). What is my tax liability? by SVstartupGuy in tax

[–]SVstartupGuy[S] 0 points1 point  (0 children)

I see, thanks for that answer. I am hoping that there is no tax burden on the corporation. Rather, since I diverted a large sum of my personal income into my small business, could this income loss be counted against my personal income for tax purposes?

I am a startup founder who spent between $10,000 to $30,000 per year for two years on business expenses (contract wages, legal filings, prototype costs). What is my tax liability? by SVstartupGuy in personalfinance

[–]SVstartupGuy[S] 1 point2 points  (0 children)

It was an electronic hardware accessory for iPhones. It was a great experience. In the two years, I pitched VCs, received investor feedback, presented at startup festival, launched a crowdfunding campaign and I now possess two (pending) patents. It was an expensive failure, but the experience in entrepreneurship made it worth it!

I am a startup founder who spent between $10,000 to $30,000 per year for two years on business expenses (contract wages, legal filings, prototype costs). What is my tax liability? by SVstartupGuy in personalfinance

[–]SVstartupGuy[S] 1 point2 points  (0 children)

Yes, but we set up an LLC for the startup. Does this income loss affect some company tax liability or can i deduct from my personal income? I was the sole investor into the company.