Brenda (OH) Posted January 23, 2012 Share Posted January 23, 2012 I have had my candle business for 10 years and just started another business too . . I'm actually wanting to reduce my candle business back to a glorified hobby. Has anyone done this? I am curious how to proceed in 2012. I want to finalize my 2011 candle business docs with the IRS and was wondering if I can still keep my "business name" if I back off a bit? Anyone suggestions or hints of advice would be awesome before hitting up my tax man this year . . Quote Link to comment Share on other sites More sharing options...
moonshine Posted January 23, 2012 Share Posted January 23, 2012 We own several business and 1 I started one 2 years ago that I have never did anything with- I actually just had a DBA put on it for my candle business that really doesn't have much activity eitherYou can keep the name you just need to file the taxes and sales tax reports to keep it active and pay the yearly fee to keep you on good standing - if you have zero sales first quarter you just report zero and so onI have another one that was just equipment leasing that we are not using anymore and my accountant told me to keep the name going paying the yearly $25.00 fee to stay in good standing Quote Link to comment Share on other sites More sharing options...
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