If your business is in trouble, step back, take a deep breath, then consider the following advice on how to help your business through all of the stress.
· Pay your taxes on time and keep payroll current. If you end up going bankrupt, you don’t want to be liable for the business’ back taxes.
· Stop spending on everything but the essentials. Reduce your expenses immediately, then look to see if you are owed any money that you can collect on. You may be able to work out a deal with suppliers and merchants you work with, so use what money you do have toward taxes.
· Don’t pick and choose the creditors you are going to pay—this is a bankruptcy no-no and they will look at your last years’ payments if you file for bankruptcy. ■
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