Business going Bankrupt, need advise!?
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We opened a small business last year. We did okay the first few months, but once January hit our sales were less than half and debts started building up fast. We are now into May and haven't paid ANY rent this year and are behind with several suppliers. We put it up for sale hoping to get back to where we were before the business but all potentials think the lease is too expensive.
I don't want to file bankruptcy as we are not incorporated and I'd have to be personally bankrupt as well and risk losing our family home, etc. because of this.
We have a lot of children and are suffering terribly from this business nightmare.
Any ideas of what we can do? I was thinking to lower the store price dramatically to just make enough money to pay the back rent, suppliers and one of my several business loans. At least I'll be out and can get a regular job to pay down all the other business loans I have.
Please help if you know anything in this area.
Business going Bankrupt, need advise!?First of all contact an attorney or accountant and see about getting incorporated immediately. Laws vary from state to state, but it makes no sense to start a business with your personal assets not being protected, especially if the company fails. See if there is a way to transfer the assets and liabilities you currently have to the business in order to protect your house and your families other belongings. Should you choose to close the company, negotiate the with suppliers, landlord, and people you owe business loans to. See if they can put you on a payment plan that will not negatively impact your credit. Businesses fail all the time, so creditors should be open to working with you. If you choose to "stick it out," incorporate immediately.
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