Part of running a successful business is to know how your business is performing on a financial level and to know the key actions to take in order to constantly improve the finances of your Florida business.
If the following action are being taken by you or your company, it may be a sign that your business should consider bankruptcy, or should at least consult an experienced business law attorney to discuss your options to prevent your business from going bankrupt.
Signs that Your Business Should Consider Bankruptcy:
1. You are using payroll taxes for your business use between payroll and their remittance date, or worse, you are not paying them anymore.
2. You have not made your estimated tax payment for the quarter, or the quarter is approaching and you will not be able. Worse, you are two payments behind. While you certainly can re-estimate your tax payments to lower the amount, you do not do it.
3. You are using personal credit cards, personal lines of credit and/ or retirement funds to keep your business going.
4. You receive numerous debt collection calls and are past due on several bills.
5. You are losing money most months.
Bankruptcy will not make an unsuccessful business successful again. However, good timing of a business lawyer teamed up with a bankruptcy attorney can provide the insight, advice and skills necessary to prevent your business from even filing for bankruptcy.
While at Boyer Law Firm we do not handle bankruptcy, we can recommend attorneys who do to you. It is important to know when to call a business lawyer to potentially renegotiate debts and terms, cancel or negotiate an end to contracts, including equipment lease agreements, commercial lease agreements, and more.
If your business is facing bankruptcy, or if you simply need to consult a business law attorney regarding debts or renegotiations of contracts to improve the finances of your Florida business, contact Boyer Law Firm today to see how we can assist you.
Don’t wait until it’s too late.