Shut down and re-open to get away from investors?

We went through an accelerator and raised a small convertible note afterwards. Co-founder bailed, company stalled and no progress has been made for 2 years due to burnout of remaining co-founder. Money has run out. No contact with investors.

Now ready to give it another go, but money has run out.

Is it a must to continue under same corporation? Or is it ok to bail/kill the corp and start fresh. It’s a similar business.

I really love the brand name we had and fuzzy on the ethics. I know the investors have written it off, it wasn’t a large amount.

  • Are you using the assets (code, IP, brand, etc) of the original corporation? If so, you may want to approach your investors and offer to “buy them out” for a token amount.

  • The investors might not feel the same if you succeed. Everyone loves a winner. Go to them and get it in writing, or offer them some shares in the new entity to replace their convertible note … at least they’d be getting something.

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