January 3, 2015
OK, so there aren’t many usable “Z” words in this context. 🙂 Today’s Basic Training post revisits that old, old lesson that you can’t just escape or quit your business by walking away. Q.: What are the ramifications if I walk away from my small business–just turn the keys over to the landlord and walk away? I paid the business loan off with a personal loan. I have equipment at the site but no longer live in the state. A.: Walking away from your business is like walking away from a dead relative without having a funeral. Someone has to dispose of the body–or, in your case, the equipment you’ve left at the site. Someone has to wrap up estate matters–just as a business should be formally dissolved. Someone has to take the time to handle outstanding debts–just as you now have this loan on your personal books that has to be paid. There may be outstanding taxes, outstanding invoices, filing fees. If you walk away from the business, depending on your state’s laws, you…
Continue ReadingAn oldie, but a goodie: Rick Georges’ Top 10 Reasons There Weren’t Any Lawyers on the Mayflower. And thanks to Rush Nigut, Esq. for bringing it to my attention. Happy holidays! Have questions about working…
Read MoreThe following 5 tips will help you avoid complications when hiring contractors. You want to grow your business, but the thought of taking on employees–dealing with salaries, payroll taxes and personality issues–scares you more than…
Read MoreQ.: A work order constitutes an agreement to perform a service. Indebtedness does not occur until the service is performed. So does a signed work order acknowledge an indebtedness? A.: A signed work order does…
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