Tag Archives: Entrepreneur

Which Bankruptcy Options are Available to Small Businesses?

Is your small business struggling to pay back its debt obligations? Have creditors filed lawsuits against you for defaulting on business debts? If you answered yes to these questions, then you should consider filing for bankruptcy. When consumers or businesses file for bankruptcy, an automatic stay is issued that temporarily halts most collection attempts. Depending on the circumstances, your business has bankruptcy options that may include: Chapter 11 bankruptcy: During a Chapter 11 bankruptcy, your debts are reorganized and paid through a repayment plan that can for up to ten years. After your business files Chapter 11 bankruptcy, you still retain control of over most business decisions. Chapter 11 is a good choice if your finances are complex and if you want to stay in business. Chapter 7 bankruptcy: If you want to close shop and pay off your creditors, then Chapter 7 bankruptcy might be the right choice for…
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Can a Small Business File for Chapter 11 Bankruptcy?

Chapter 11 bankruptcy is one of several ways businesses can seek debt relief. Although Chapter 11 cases are typically associated with large companies, smaller business owners can also take advantage of its protections. If you want to restructure your debts and continue operating your business, then this is an option to consider. If your business has less than $2,566,050 in debt (as of 2016), then you are considered a small business debtor. As a small business debtor, there are differences from a typical Chapter 11 case. These differences include: No committee: When a large business files Chapter 11, a committee is assigned to represent the interests of creditors. This is not the case when a small business debtor files for Chapter 11. A reorganization plan deadline: Large business do not have a deadline to present a reorganization plan. As a small business owner, you must present your plan within 300…
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4 Legal Tips for Starting Your Own Freelance Business

One of the greatest obstacles you may face when starting your own freelance business is the amount of legal verbiage you must sift through to ensure you meet all rules and regulations. However, they are a necessary part of starting a business. You shouldn’t let them prevent you from pursuing a meaningful enterprise. Tips for Starting Your Own Freelance Business Know which permits and licenses you need – Even if you plan to run your business out of your home, there’s a good chance your state requires a permit for that (The Home Occupancy Permit). If your state doesn’t require one, it may still be worth getting. Most people prefer to work with a company that is licensed. A permit makes your freelance business precisely that. Register and calculate your taxes – In lieu of an employer, you will have sole responsibility for paying your taxes. Register with a certified…
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