Monthly Archives: August 2017

Should I Get a Business Credit Card?

Last week, we wrote about financial expert Dave Ramsey’s tips for starting a business, specifically, whether or not you need a loan to start a small business. This week, we are exploring Ramsey’s advice about whether it is necessary to get a business credit card. Is Getting a Business Credit Card a Good Idea? Recently, Dave Ramsey provided budgeting tips for small business owners in a Entrepreneur magazine article. One of the tips involved making the decision about getting a business credit card or not. In the piece, Ramsey is firmly against small business owners getting a business credit card. He believes that they should stick to using cash or a business debit card to ensure they do not overspend and rack up overwhelming debt. Ramsey advises that people tend to act more responsibly with business debit cards and cash, because unlike credit, it is quote unquote real money. Some…
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Do I Have to Close My Business If I File Bankruptcy?

Making the decision to file for bankruptcy has huge ramifications for individuals and families. However, when you file bankruptcy as a business owner, not only do you have your personal finances to consider, but also your business interests and your employees’ livelihoods to keep in mind. One big question that the owners of companies filing for bankruptcy often have is, “Am I required to close my business if I file bankruptcy?” Will I Have to Close My Business If I File Bankruptcy? Two Joe’s Crab Shack locations in New Jersey were abruptly closed recently in the wake of the seafood restaurant chain’s Chapter 11 bankruptcy filing. Reportedly, the Joe’s Crab Shack locations’ closures were so sudden that employees at the restaurants only found out that they had closed when they showed up for work that day. The locations that closed in New Jersey are in Brick and Eatontown. The closures…
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Should I Take Out a Loan to Start a Small Business?

Entrepreneur published an article recently in which personal finance expert Dave Ramsey discussed his top budgeting tips for small business owners. One subject that came up in the article was about whether or not it is a good idea to take out a loan to start a small business. Do I Need to Take Out a Loan to Start a Small Business? According to Dave Ramsey, in most cases, you should not need to take out a loan to start a small business. The article is written in a question and answer format. Ramsey is asked whether it is ever okay to take out a loan to start a small business or if you should always use cash to avoid racking up debt. Unlike some of his peers, Ramsey does not believe there is such a thing as good debt and, therefore, he does not recommend using a loan to…
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Can a Business Keep the Details of Its Bankruptcy Confidential?

Recently, the New Jersey Herald featured an article about Mountain Creek Resort making a request to court to keep their company’s bankruptcy confidential. Per the Herald article, in early July, the resort asked a federal bankruptcy court to approve its request for confidentiality and non-disclosure agreements that would prevent the public and Vernon Township from accessing certain documents related to their bankruptcy. Following the request, Vernon Township’s council and mayor held a closed-door meeting to discuss the matter. Included in Mountain Creek Resort’s bankruptcy is a $26 million debt they owe to the Vernon Township Municipal Utilities Authority. If the bankruptcy court approves Mountain Creek’s request, then public would not have access to any financial statements and other documents that Mountain Creek provided to Vernon Township as part of their Chapter 11 bankruptcy. In addition, under the confidentiality agreement, the resort would, at its discretion, be able to prevent the…
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How Do I Buy Out My Business Partner?

When you go into business with someone, there are bound to be ups and downs. However, in many cases, business partners are able to overcome their differences through compromise and dedication. Unfortunately, in other cases, there are differences that just cannot be overcome. If that is the case for you and you want to keep your business, you may eventually find yourself asking, How can I buy out my business partner? How to Buy Out a Business Partner Inc.com published an article on how to properly dissolve a business partnership. Here are the tips that the piece included regarding ending a business partnership: Check Your Partnership Agreement – When you and your business partner started your business, you may have had a partnership agreement drawn up. If so, your partnership agreement may include a plan for how you two would end your partnership if you ever decided to part ways….
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