How do you Operate after a business failure?

[Era]

There's not one entrepreneur who hasn't had a past business that had failed. So what do successful entrepreuners do after a failure? The difference between the ones who are successful and the one's who aren't is that the successful entrepreneurs learn and evaluate what went wrong and then execute. Either by starting an entirely new business based on market feedback or tweak and improved their existing business.

This question is for those of you who already went through past business failures/flops and decided to start entirely new businesses. (Which i'm sure is a lot of us on here) How did you operate your next business venture after the failure in terms of business structure?

I have an LLC, Lets just call it "ABC Alpha LLC" for a website/ebook business that's in the testing phase. If I were to scrap this business and start an entirely new business (most likely still a website/ebook type or E-Commerce) do i need to start an entirely new LLC or could I put in under "ABC Alpha LLC"? Do I have to notify the state about the failure in which the LLC is incorporated in? One strategy that seems to be working for some people is actually executing on several of different "ideas" to see which one the market values the most and then incorporating an LLC etc.. only after that market has shown it valued that business in the first place. That way you could scrap the "failures" that didn't work out in a time and cost efficient way. Who here has done this? I'm not seeking any legal advice, just asking people who went through past failures what's the best way to operate in their personal opinion.

 

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[theBiz]

Im not sure but ive done it before, ive taken checks for seo services under Rampage automotives before lol... not really the names but ive done this plenty with LLC's that have nothing to do with industry... your sweating the small stuff, i say leave it and worry about making money.

Leave it one day it may be your success story on how smart business people have to constantly keep changing.

You really should ask a lawyer though, i think state and industries make a difference, plus im just some guy, dont take my advice.

i googled "use the same llc in a different industry"

How many businesses can operate under one LLC company banner?

http://www.startupnation.com/CanShould-I-run-multiple-business-lines-under-one-LLC/topic/

 

[The-J]

I'm going to pay my owed taxes then disband the company.

That's it, really. Got another project on the way

 

[CPisHere]

I used old LLC's before - don't think it really matters, but of course probably isn't the best choice.

 

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[Era]

Thanks everyone for your input! It's hard not to get into analysis paralysis over stuff like this.

 

[Steve37]

Did you actually conduct any business under your current llc? I'd just re-use it if possible to avoid the nuisances that go along with forming a new one, ein, bank accounts, etc.

 

[healthstatus]

Not attorney or accountant --
as long as there are no outstanding debts or liens and the LLC is in good standing with the state (taxes and fees up to date) there should be no reason not to continue with existing entity. You just don't want to get rolling and have an old debtor show up.

 

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