Business Bankruptcy - When Does a Corporation Or Partnership Need to File?
When should a business bankruptcy, under either Chapter 7 or chapter 11 be filed? A common scenario in today's society occurs when individuals own a corporation or are part of partnership or Limited Liability Corporation (LLC) and the business fails and then they have to deal with the various bankruptcy filing options. Many questions arise, such as should either or both the corporate business and individual owners? If so, which chapter of bankruptcy should be filed? This article addresses a couple of the many issues involved.
Scenario #1:
Fred and Wilma own 100% of the shares of Dino Corporation. Dino Corp. makes gravel out of flint stones for Slate Gravel Company. Anyway, due to several lawsuits, and a slow down in business, Dino Corp. has to close its doors and shut down.
The Importance of Protecting Your Intellectual PropertyStarting a business can seem like a daunting endeavor. From creating every component of your company to implementing all your ideas realistically, there are several tasks that must be completed before a business can successfully be formed. Because you put so much work into the formation of your business and the development of your ideas, it is important you know what methods can be used to protect your interests and your business endeavors. Intellectual property is the ideas that build your business. From management practices to logos and layouts, there are numerous components that can make up the entirety of your business-related creative property.
Forming Your Corporation Online With the Help of a AttorneyA Corporation is a very important business form that is very much used in almost all types of businesses. The most important aspect of a Corporation is that it limited the liability of the owners of the company. As an owner or shareholder in a Corporation, you are only liable up to your investment in the Corporation. Thus, unless you actions are so severe that they rise to the level of justifying piercing the corporate veil, you will never be personally liable for any debts of the Corporation. A Corporation is considered a separate and distinct legal entity.
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Harness the Power of Incorporation - The Small Business Entrepreneur's Invisible FriendConsider the forward thinking and planning that went into building the Gateway Arch. 630 feet wide and 630 feet high, every detail had to be precise beginning with the foundation. When its two legs were joined by the insertion of the final four foot piece at the top, everything had to line up perfectly. Anything less would have been a disaster. Your new business is to be your memorial. So the foundation - the legal framework needs to be solid and enduring. Some people get discouraged by the alphabet soup of legal options. Do you need an LLC, LLP, C-corp, S-corp
Business & Corporate Law AttorneyIn Need of a Business & Corporate Law Attorney? Business and corporate offices are dependent upon a sturdy legal framework and would otherwise struggle through their affairs without sound legal advice. Business and law attorneys provide that advice that can help secure and shape the framework for any office. They have years of experience within the field which gives them the edge when it comes to knowing how to protect and advance a company. With real-world solutions and modern methods, business and corporate law attorneys can assist business of all sizes, from those just starting out to those who have been clients for up to 80 years.
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