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Do I Need a Lawyer ‘On Retainer’ for My Business?

Starting your own business, no matter the industry, comes with a long list of questions. Some of those questions you will be able to figure out on your own. After all, you chose to begin this business, so chances are you have some experience or interest in its facets, rules, and practices. However, some of...

When does my small business need a lawyer?

Getting into business on your own can be a turbulent process. Every industry and business type is going to have different requirements and permits. While there are tons of legal self-help services and resources out there to get you through the process of forming a company and ensure all the right paperwork is filed, are...

No small business wants to file for bankruptcy. Even though a chapter 11 filing allows for reorganization, not having to file is the preferred course. What about in the age of Covid-19? While the current state of affairs, as well as the new Small Business Reorganization Act, makes a chapter 11 a better option, good planning may be able to keep your company from having to file.

Since the nationwide shutdown, many people have been waiting for an avalanche of bankruptcy filings under Chapter 11. As of the writing of this article, there have only been a few notable filings, such as the XFL, Frontier Communications and True Religion. While there has been a lot of anticipation about filings by large retailers, such as Neiman Marcus, Lord & Taylor and JC Penny, none have filed.

We all find ourselves in a similar place with our businesses. Best case scenario is your business is able to continue operating relatively normally (while you are home). More likely is you are able to operate, but at a reduced level. There is also a possibility that you have stopped operating. What should you be doing at this time? Here are some thoughts.