Unfortunately the economy has taken its toll and I have needed to close a franchise I owned as a C-corp. I now have about $350K in losses on the books. Luckily no banckruptcy and all debtors should be paid off. I was planning on keeping the C-corp alive and somehow capitalize on the losses. i.e. turning vinegar into honey.
Hopefully the 1st $350K of my next businesses earnings will be 100% tax free. Has anyone done this and come across any unexpected pitfalls?
Whatever it is I do next will be completely different and will not be with a franchise. Sucks when franchisor charges higher margin on product, collects royalties while your losing money.
Never again a franchise!