My question involves bankruptcy in the state of: NJ
I'm currently in a Chapter 13 plan and making my payments without issue. I receive royalty income from copyrights I own and also have an LLC business (sole proprietor) which generates a small amount of income from online services. These were both used to calculate my payments since I claim the LLC on personal return (disregarded entity). This was strictly a personal bankruptcy. I did not discharge any debt from my business, but they did use the profits from that business as income for calculations.
I have another non-active LLC that is taxed as C Corp (separate from my personal income), which the court is aware of, but that was not used to calculate my income. A couple questions:
Can I do business under the existing LLC C Corp? If I do, will I need to report profit/loss to the trustee? Or does it remain a separate entity as it was when I filed, as it is for tax purposes?
Am I better off starting a new C Corp? Is there any issue with me starting another business as an LLC C-Corp?