Small Business Liquidation
If you've run up big business debts and are worried you'll never being able to repay them, it may be time to sell the business's assets, pay off its debts as best you can, and move on. Most small business owners in this situation think of bankruptcy. While bankruptcy can wipe out most of your debts, it is also an expensive and public process. There are alternative ways to liquidate your business that are more flexible and private, and that can save you money and your good credit. Which business liquidation option works best for you depends on the size of your business, the amount of your debts (business and personal), and the type of business you operate.
When you decide to close down your business, you'll need to "liquidate" the business's assets.
When a business closes, it usually has a good-sized pile of debts—to landlords, suppliers, utilities, service providers, and possibly a bank or private lender. After you notify these creditors of your upcoming closure (which can limit your liability), you'll want to make plans to either pay these
When you're closing your business, take precautions to guard yourself from liability before you pay out money and assets to the business owners.
When you are going out of business, you need to not
How to close your business without filing for bankruptcy.
If you decide that personal or business bankruptcy might be the best strategy for getting rid of your business debts, you'll need to plan ahead to steer clear of some common missteps. Fortunately, even if you end up solving your debt problems without bankruptcy, these tips make good sense anyway. Don't
When you go out of business, you often have a mountain of debt any many known and unknown creditors to pay.
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