CHASE LAW NAVIGATOR

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FINANCIAL

Understanding business financials and what can and cannot be done legally will save a business owner from long term issues.  Undoing existing issues may require the assistance of legal counsel as well.

BANKRUPTCY

What do I do if I cannot meet my financial obligations?


If it becomes apparent that your business will not be able to pay debts, Bankruptcy helps businesses that can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Learn more here.




What are some alternatives to Chapter 7 bankruptcy?


Debtors may consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization. Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code. Learn more here.




How to I get started with bankruptcy?


Bankruptcy is federal law. It is also specialized law. It is likely best to talk to an attorney specializing in bankruptcy law. Here is the code: https://uscode.house.gov/browse/&edition=prelim





DEPRECIATION

How can depreciation help my business?


Depreciation is a way to track the decrease in value of assets, but more importantly, depreciation reporting provides a tax benefit for businesses. As assets used for business depreciates, the business is entitled to expense that loss. The IRS has many code provisions that provide allowances for bonus depreciation for businesses as well, and depending on the asset, it controls how assets can be depreciated over time. Using a CPA or Tax Attorney will be your best bet for getting the best benefit. Learn more here.





FINANCIAL STATEMENTS

What do I do if I cannot meet my financial obligations?


If it becomes apparent that your business will not be able to pay debts, Bankruptcy helps businesses that can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Learn more here.




What are some alternatives to Chapter 7 bankruptcy?


Debtors may consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization. Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code. Learn more here.




How to I get started with bankruptcy?


Bankruptcy is federal law. It is also specialized law. It is likely best to talk to an attorney specializing in bankruptcy law. Here is the code: https://uscode.house.gov/browse/&edition=prelim





INVESTMENTS/INVESTORS

Can I take money from someone to invest in my business?


Often referred to as the "truth in securities" law, the Securities Act of 1933 has two basic objectives: (1) require that investors receive financial and other significant information concerning securities being offered for public sale; and (2) prohibit deceit, misrepresentations, and other fraud in the sale of securities. If you are taking on investors, you will be subject to the laws of the SEC. Talk to an attorney to make sure you comply. Learn more here.




Can I solicit the general public for business investments?


You may solicit investors but with important restrictions, learn more from the SEC here.





ROI (RETURN ON INVESTMENTS)

What do I do if I cannot meet my financial obligations?


If it becomes apparent that your business will not be able to pay debts, Bankruptcy helps businesses that can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Learn more here.




What are some alternatives to Chapter 7 bankruptcy?


Debtors may consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization. Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code. Learn more here.




How to I get started with bankruptcy?


Bankruptcy is federal law. It is also specialized law. It is likely best to talk to an attorney specializing in bankruptcy law. Here is the code: https://uscode.house.gov/browse/&edition=prelim