Don’t rush into bankruptcy if your business debts are starting to rack up. Even if it looks like you will never be profitable, don’t throw in the towel yet.
1. The Temptation To Quit Will Be Greatest Right Before You Suceed
If youve been bending over backwards trying to make your business work, then you haven’t failed. You haven’t really failed until you give up. Ironically, many businesses innovations come during periods of tension.
2. Don’t End Up Being The Captain That Goes Down with His Ship
Unless you have unlimited liability, such as a sole proprietership that is unincorporated, don’t worry. Even if your business fails horribly, customers can’t delve into your own personal belongings to pay for debts owed. The exception here is a partnership, and this is why some Enron employees that were completely not related to the fiasco ended up losing everything – they were legally a partner in the business.
3. Don’t Let The World Know
No, it’s not dishonest. Informing each and every customer about why your business isn’t doing as well as it used to is a bad idea. They will...
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