A business liquidation in Indiana can be a complicated process. Deciding to close your business is an emotional process consisting of many layers of challenges.
First and foremost, coming to the realization that the it is time for your business to close its doors is not a an easy decision. Prior to a business liquidation in Indiana, you have poured years and sometimes decades into starting and operating your business. Economic times as they are, the business may very well be a victim of the economy or possibly technology has taken the place of your business. Whatever the reason, once the decision to stop operations is made, there are many decisions that follow that have implications to your personal and business life.
If your business has employees there may be time requirements before you can cease operations and terminate your work force. Do not risk government fines and community backlash because of a sudden closing. Employee contracts must be reviewed for possible severance issues, union contracts may have special requirements such as providing training to workers that are displaced by a closing business.
A business liquidation in Indiana will have legal requirements such as winding up corporate entities. See How to Wind Up Your Company for more information on this process and the legal notices and requirements that must be sent.
Finally, a business liquidation in Indiana will culminate in the sale of the business’ personal property, book of business, good will, liquidation of cash and bank accounts and payment to creditors. If your business is fortunate to have equity after the payment of all creditors then a final distribution will be made to you, as the owner, of the equity of your business. If your business does not have equity, determining what, if any, personal liabilities exist from your business such as executed contracts with personal guarantees, will be necessary so that negotiations can occur to avoid as much infusion of personal cash possible to resolve the company debts. Depending on the debt issues that exist, a personal bankruptcy may be unavoidable but an individual with significant business debts likely will qualify for a Chapter 7 no matter what his/her income level has been as the means test does not apply to debtors with primarily business debts.
Indiana attorney Jason Wischmeyer has successfully assisted businesses in closing their doors meeting all legal requirements. Contact Jason to discuss your business liquidation in Indiana to get thoughtful and insightful legal advice that considers your situation and understands that this is an emotional decision for you. Jason has the knowledge and contacts (such as auctioneers and realtors that can help get the maximum value for your property) to take on or take over your business liquidation in Indiana and give you the peace of mind to move forward in your post business owner life.
Contact Jason today at 317-429-0210 to discuss your business liquidation in Indiana Today!