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Become authorized vendor liquidating assets for bankruptcy

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Closing a business and liquidating assets can be a very complicated procedure subject to many laws and regulations.You should speak with an attorney or certified public accountant that specializes in business closures.If your business is organized as a general partnership, you and every other general partner can be held personally liable for all of the business debts of the partnership.Limited Liability Companies and Corporations Limited liability companies (LLCs) and corporations often do not have the problems regarding personal liability in general partnerships and sole proprietors.While the process of closing a business is very difficult for many reasons, it is important to make sure you get the best value for your assets, pay your employees, satisfy your creditors, and comply with state and federal How's mission is to help people learn, and we really hope this article helped you.Advantages of Bankruptcy -- What It Could Do for You One of the main advantages that can come from filing for bankruptcy is time.Once you have filed for bankruptcy, the bankruptcy court normally puts an automatic stay on all debt collection, meaning that none of your creditors can foreclose on or repossess your property.

Under this type of bankruptcy, a bankruptcy trustee will liquidate, or sell off, all the eligible property in order to satisfy your personal debts, including those that were taken on behalf of the business.

Taxes on Payroll Unlike the scenario described above, the Internal Revenue Service does not care how your business is organized and holds all business owners personally liable for any unpaid payroll taxes.

General Partnerships and Sole Proprietors The way a sole proprietorship works is that you and your business are the same entity, meaning that you are going to be personally responsible for your business debts.

In addition, bankruptcy can wipe out unsecured debt (debt that is not secured by property, like credit card debt). home mortgages, car loans) are another story and must be considered separately.

Because you put up property as a security for the loan, your creditor is still probably entitled to take it, even if you file for bankruptcy.