To liquidating

16-Oct-2018 05:21

Request refunds on your workers' compensation premiums and liability insurance premiums, if your policies' terms allow it.Because businesses pay workers' comp premiums in advance based on payroll estimates, workers' comp carriers are accustomed to adjusting accounts each year to return overpaid money, and you should get a refund without a problem.If you have numerous assets with significant value, contacting a business broker or professional liquidator might be a good idea.Don't expect to get more than 80% of an assets value, at most.You will also need this information for your tax returns.Next you'll want to find buyers for property that is fully paid for and that you have not pledged as collateral for another loan.

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Keeping good records of your property and what happens to it will protect you in case a creditor later questions your liquidation of assets or in case you have to file for bankruptcy.You might find buyers for fixtures, furniture, and equipment by listing them on websites like e Bay, craigslist, or bid4Also search for websites that specialize in auctions for your industry; there are sites that specialize in restaurant equipment, industrial machinery, high-tech equipment, construction equipment, and so on.But no matter how your business is organized, you commit fraud if you give away or sell business assets at below market rates or put your interests ahead of those of creditors.In other words, forget about selling assets cheaply and pocketing the cash, or worse, giving away assets to friends or family for free.

Keeping good records of your property and what happens to it will protect you in case a creditor later questions your liquidation of assets or in case you have to file for bankruptcy.

You might find buyers for fixtures, furniture, and equipment by listing them on websites like e Bay, craigslist, or bid4

Also search for websites that specialize in auctions for your industry; there are sites that specialize in restaurant equipment, industrial machinery, high-tech equipment, construction equipment, and so on.

But no matter how your business is organized, you commit fraud if you give away or sell business assets at below market rates or put your interests ahead of those of creditors.

In other words, forget about selling assets cheaply and pocketing the cash, or worse, giving away assets to friends or family for free.

So make a high-energy effort to collect them now, or sell them accounts receivable to a factor, or debt buyer, who will either buy your accounts receivable at a fraction of their worth or, for a fee, pay you a certain percentage of the debt up front and the rest when they collect it.