Most businesses will incur some form of debt as a necessary part of operations, whether it’s the use of credit cards or bank loans. But unsustainable debt and interest charges, without increased revenue or investor capital to cover it, can put the health of any business in jeopardy. This section contains a glossary of terms related to “bad” debt, an overview of options for businesses that cannot pay their debts, a checklist to help small business owners prioritize their debt payments and other resources for entrepreneurs dealing with debt. What To Do When You Can’t Pay Your Business DebtsWhen a business accrues debts it can be scary to try to address the problem. Creditors may begin threatening legal action against the business or you personally. Depending on how the business is organized and the degree to which you have agreed to guarantee the business’s debts you may have some options regarding how to deal with the problem and your creditors’ ability to take assets or funds in repayment. Your position will also determine whether bankruptcy is a good option to resolve your insolvency. An important exception relates to payroll taxes. Regardless of how the business is organized the Internal Revenue Service will hold a business owner responsible and personally liable for any unpaid payroll taxes. However, in many other circumstances how the business is organized can be quite meaningful. Business Bankruptcy Lawyer Free ConsultationWhether you want to consolidate, fight debt, negotiate it down or file a business bankruptcy, call Ascent Law for your free consultation (801) 676-5506. We want to help you.
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Can I Call My Child As A Witness in Court To Say Where She Would Like To Live? via Michael Anderson https://www.ascentlawfirm.com/how-to-handle-business-debt/
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About MeIn 2009 I was creating marketing channels for barbie dolls in Nigeria. Spent a weekend implementing dogmas in Naples, FL. Won several awards for writing about toy trucks in Mexico. Spent 2001-2007 analyzing deodorant in Pensacola, FL. Spent 2001-2004 researching heroin in Miami, FL. Enthusiastic about writing about clip-on ties in Naples, FL. Archives
June 2019
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