Vice President Kamala Harris will propose a tax deduction of up to $50,000 for new small businesses on Wednesday, a tenfold increase over existing relief and her latest economic policy aimed at winning over middle-class Americans after jumping into the presidential race over a month ago.
Yes you do. Your bank account is in the old business’s name, and any lines of credit you have will be in that business’s name as well. Doing anything for a new business is harder than for an established one. Once you explain “oh yeah I did own that one, I just changed the name for tax purposes” you sound like a scammer.
Banks and suppliers (good ones) are not going to waste their time figuring out your scheme. They will just drop you.