A business owner inquired whether he had to file bankruptcy for his corporation to avoid personal liability for the company’s debt, or whether there were other options to closing out the company. The company had few assets remaining, with a value of $20,000, and a tax debt for payroll taxes of $25,000, contributions due to […]
Options for Creditor in Bankruptcy Case
This is the second in a series of posts, where we will look at various options for the creditor in a bankruptcy case. These are just designed to let you know what remedies might be available to you. Regardless of what type of bankruptcy was filed, you must immediately cease any and all collection efforts […]
What about an LLC?
As we have discussed before, the question of what is the best form of business entity to operate your new company is complicated and based on your specific business objectives and business plan. The options include a form or corporation, a partnership or limited liability company. Each form of entity has its advantages and disadvantages. […]
What Taxes to Pay First
When your cash flow is inadequate to pay all your business taxes, which ones should you pay first? Your business is faced with a number of different types of taxes and government fees (which certainly feel like taxes). Some of the types that could apply to your business are personal property taxes on your equipment […]
How Will The Business Return Profits to Owners?
Previously, I discuss issues related to structuring ownership. This post is a happy topic – what to do with the profits from your business. A business can either distribute current earnings to its owners or accumulate and reinvest earnings with the goal of growing the business so it can in the future be taken public […]