How Can My Business Avoid Bankruptcy?
There are several steps you can take to try to avoid bankruptcy and keep your business afloat: Create a budget: Review your finances and create a budget that includes all of your income and expenses. Make sure you have a clear understanding of your cash flow and where your money is going. Reduce expenses: Look …Read more
Changing the Legal Structure of Your Family Business to Ensure Your Professional and Personal Priorities Align as the Business Grows
The legal structure of your family business need not be permanent. You can change the structure to meet the needs of your evolving family business. Your business’ legal structure plays a role in determining your tax rates, governance and filing requirements, liability protections, transitions to the next generation, and more. As your family business grows, …Read more
What is the Order of Payment to the Creditors in My Business’ Bankruptcy Liquidation?
When a corporate entity files for Chapter 7 bankruptcy and the assets are liquidated in its entirety, there is an order of priority in which creditors and third parties will have the right to their claim. Creditors with Secured Debt If the creditors are owed secured debt, that is, debt that is secured by assets …Read more
EPA Publishes Final Rule on Conducting Phase I Environmental Site Assessments Under Superfund
The U.S. Environmental Protection Agency has changed the requirements for conducting environmental site assessments under the Comprehensive Environmental Response, Compensation and Liability Act, which is commonly referred to as CERCLA or Superfund. What You Need to Know CERCLA requires prospective purchasers to conduct an “all appropriate inquiry” into the environmental conditions of a property to …Read more
What Types of Debt Can I Not Discharge in a Bankruptcy?
Most types of debt can be discharged in bankruptcy but some types of debt cannot, for example, tax debt, student loans, child support and debt incurred through fraud. Tax Debt Most tax debt incurred within three years of the Bankruptcy filing will not be discharged, nor will taxes owed for payroll taxes or other forms …Read more
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