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The New Small Business Bankruptcy Law

It should come as no surprise that many small businesses will be going under as a result of the coronavirus pandemic and the government restrictions that have virtually shut down the U.S. economy.

Many of those small businesses will be thinking about bankruptcy and might not be aware that the government has -- believe it or not -- come to ...Read more

Is It Time to Throw in the Towel?: Part 2 of 2

Once you have crunched the numbers and decided there's no point in negotiating with your creditors -- either because there are too many of them or they refuse to negotiate -- you have to consider whether a bankruptcy filing is the only way out.

Here are your options:

Dissolution. If you are a corporation or limited liability company and you ...Read more

Is It Time to Throw in the Towel?: Part 1 of 2

"My business has been shut down the past couple of months due to the COVID-19 pandemic.

"My state is just beginning to ease things up a bit, and I may be able to open up again in the next couple of weeks.

"But there is no way I can catch up on all my debts. I owe three months' back rent to my landlord, three months' missed payments to my SBA...Read more

A Pandemic Survival Lesson From Ancient Rome

As a lifelong student of history and philosophy (my two college majors), I always look for the bigger picture when following events in the news.

While many history-minded commentators are comparing the COVID-19 pandemic to previous epidemiological disasters, such as the bubonic plague pandemic, which devastated Europe in the 1350s, or the ...Read more

How to Negotiate With Your Landlord or Franchisor

"I operate three hair styling salons as a franchisee of a big nationwide franchise. My state government has shut down our operations because of the coronavirus pandemic as we are considered a 'nonessential business.' As the projections for our state to reopen get pushed out further and further, is there a case for me to present to my three ...Read more

Can You Legally Spy on Your Independent Contractors?

"I read with interest a column you did a while back on whether or not you can legally spy on what your employees are doing on the Internet. I have a 'virtual company' with one or two full-time employees, but work with several independent contractors who work out of their homes. Occasionally, we have meetings at the office, and the contractors ...Read more

A Terrible Choice: Save Lives, or Save Jobs?

One outcome of the COVID-19 pandemic and resulting economic shutdown is something I never would have thought possible 45 days ago.

I have developed sympathy for politicians.

Politicians of every stripe: federal, state, local, Republican, Democrat -- makes no difference. I feel sorry for these people.

They may or may not have seen this ...Read more

Should Your Teenager Start a Summer Lawn Service?

"Dear Mr. Ennico: I am a junior in high school, and I have an interest in business. I have seen a multitude of your YouTube seminars, and appreciate the insight you share through them. During this upcoming summer, I want to start my own lawn service business. I do a lot of sports during the summer, so I want my business to be more part-time, ...Read more

When a Side Venture Becomes a Corporate Opportunity

"I have a very successful service business with two partners who have become very close friends. The business is organized as a limited liability company (LLC).

"Our business is doing quite well, but we see an opportunity to start a wholly unrelated business (in the online retail space) that might serve as a marketing and distribution channel...Read more

Can You Copyright a Common Name?

"I just watched your YouTube video on basic copyright law and didn't hear you touch on this subject, so I thought I'd drop you a line and ask you this question. I'm having trouble understanding the part of copyright law that does not extend to titles, names, slogans or short phrases.

"I wrote a story a few years ago and did all kinds of ...Read more

How Small Business Can Survive the Coronavirus

What a difference a week makes.

Last Saturday my wife and I attended a Broadway show in New York City and had dinner at a popular Italian restaurant in Times Square, taking the commuter train to and from our home in Connecticut. We were planning a vacation in Florida this week.

Today all of Broadway is shut down, as well as the NCAA and NBA ...Read more

Choosing the Right Way to Account for Sales

"Last year I started a business selling on eBay. I'm doing my taxes now, and my accountant is telling me I have to choose between the 'cash' and 'accrual' methods of accounting. Frankly, I haven't been doing any accounting as such. When people pay me, I just deposit their checks or money orders into my business checking account (I'm not using ...Read more

 

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