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Practice Areas

• LEGALLY SPEAKING - FORUM OF THE WEEK, a Blog
• "LEGALLY SPEAKING"
• UPCOMING EVENTS & SEMINARS
• PERSONAL INJURY
• TRUCK ACCIDENTS
• WRONGFUL DEATH
• BANKRUPTCY & DEBT RELIEF
• CRIMINAL
• AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING
• BUSINESS PLANNING
• ELDER LAW
• ESTATE PLANNING AND SPECIAL NEEDS TRUSTS
• PROBATE/ESTATE AND TRUST ADMINISTRATION

Frequently Asked Questions by our clients in Indiana

Q: What should I do if my business is not successful?

A: Starting a new business is a risk, and like every other risk there is a possibility that the outcome may not be favorable.  But there are measures that you can take to minimize the consequences of business failure.  

First, assure yourself that you have taken steps to minimize your risk, as outlined in the answer to Question Three.  This requires proactive planning, which means that if you wait until your business is failing to begin the risk minimization process, then you may very well be too late.

Second, when your business closes, there are several administrative steps that you must take.  You will need to file Articles of Dissolution with the Indiana Secretary of State’s office.  And additionally, there are various tax forms that you will need to file, which your accountant should be able to assist you with.  

Third, if the failure of your business is imminent and you do not have enough capital in the business to satisfy all of the debts of the business, then you must give careful consideration to which creditors you will pay and which you will not.  Taxes and debts for which you have put up a personal guaranty should be at the top of your list.  The reason for this is simple, these are debts that a corporate or limited liability company structure will not protect you from.  Contrast this with general creditors of the business (assuming that the business has been properly organized as a corporation or limited liability company) who may only look to the assets of the business to satisfy their claims.  Also, if you are concerned that the failure of the business may result in your personal bankruptcy, then when paying on the debts for which you have given a personal guaranty, remember to first pay those that are secured by property you would like to keep.  And you must always be aware that most taxes are not dischargeable through bankruptcy.

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