Business closure and dealing with inventory Hi. My husband and I own a small antique store and are considering closing the business. If we do this, we are considering keeping the inventory and possibly, at a later date, starting up a new business and renting a few booths in different antique malls and selling the inventory that way.
In relation to closing the business and keeping the inventory, how do I report that on a Schedule C at the end of the year and what kind of impact will it have on my return? (We are a sole-proprietorship and have always filed a Schedule C).
Also...
If and when we decide to start up the new business at a later date, how should we go about acquiring this old inventory into the new business? I'm having trouble wrapping my head around how we would do this and still be able to keep up with COGS and all. |