I own a company that is doing nothing at the moment.
The company was set up when I purchased my business a few years back. And the business was held within this company. It’s a complicated set up but essentially the income from my business was channeled via my company.
My business was unfortunately sold at a loss. And this loss was recorded within my company. But what this means is that I now have a company with a large loss recorded against it. And this basically means that any income my company makes for a while to come will be tax free.
And this is where the problem lies. I have no idea what to do with my company to generate some tax free income.
Help me with some ideas!
I’ve thought about crypto trading as a way of generating some funds. And this has potential. I have a couple of thousand in crypto at present that I could use as a stating point.
I’ve also thought about setting up crypto related merchandise store and offering the merch for sale for various currencies. My only problem here is the time that it will take to property build, advertise and manage.
So there are limitations?
The main thing that is stopping me from launching head first into creating a new little business is time.
I work long hours, and with buying a new home recently, my free time is generally taken up with unpacking and home improvements.
But the moving house thing will get sorted out in time and then I’ll have a small amount of time to focus on something else. So the main item to consider is that whatever I create must only consume a few hours of my time every week.
But what should that be?
I am really at a loss here. I have to create something. And it must be profitable. Maintaining my company isn’t free. To keep it alive costs a few hundred dollars per year. And if I don’t keep it alive, I lose the tax free income opportunity that I currently hold. So closing the company down isn’t an option.
I feel like something crypto related could work well. Does anyone have any thoughts here?