Section 363 of the U.S. Bankruptcy Code allows debtors to sell assets and use funds from the sales to settle their debts. The bankruptcy court must approve all sales after hearing from any creditors with objections. How does the sales process work? The sales process Selling assets as part of a Chapter 11 bankruptcy case is a four-step process: Debtor markets assets to potential buyers Debtor files motion with the bankruptcy court Bankruptcy court approves sale of assets Assets sold to winning bidder Benefits of selling assets Selling assets provides debtors a way to maximize the amount of mo ..read more

Collaborative efforts are imperative to bring a company to scale. Business partnerships expand skill sets, networks and, typically, the investments necessary to establish a foundation for success. As with any relationship, it’s natural for a business partnership to evolve over time. Disputes may be common, but they don’t have to be the accepted norm. Consider this before going into business together Projected profits appear attractive for entrepreneurs eager to reap the rewards of their labor, although bringing a project to fruition is virtually impossible to do on your own. So, how can you ba ..read more

Collaborative efforts are imperative to bring a company to scale. Business partnerships expand skill sets, networks and, typically, the investments necessary to establish a foundation for success. As with any relationship, it’s natural for a business partnership to evolve over time. Disputes may be common, but they don’t have to be the accepted norm. Consider this before going into business together Projected profits appear attractive for entrepreneurs eager to reap the rewards of their labor, although bringing a project to fruition is virtually impossible to do on your own. So, how can you ba ..read more

The business and economic environments have not been good the past several months due to the COVID-19 pandemic. Because of the swooping downturn, revenues dropped, customers made fewer orders, profits shrank and layoffs occurred. In times like these, small businesses like yours may feel the debt squeeze even more so, having great difficulty managing it. Your struggles in dealing with debt and subsequent interest payments must be confronted swiftly for the sake of your business’s survival. It is time to talk with lenders about renegotiating loan repayments, and you just may stave off bankruptcy ..read more

Whether you decide to purchase a business outright or expand your existing business by acquiring, or merging with, another business, there are many details that you need to consider to make your decision. Do not rely on the prospective seller to volunteer all the information that you will need in order to make the best decision. Every seller will attempt to cast its business in the most favorable light. But the devil, as they say, is in the details. Businesses, even small ones, can be complex. Creating a well thought out due diligence checklist is the first step in developing a comprehensive u ..read more

A partnership occurs when two or more people chose to get together for operating a business. The parties create this contract with the purpose of sharing the profits and the management of the business. Creating a partnership agreement can be tricky if either party does not know what the process entails nor what kind of agreements exist. Partnership agreement: The contract must first outline what are the general duties and expectations of each of the parties. The information that should be displayed in the contract is: The name of the partnership Purpose of the business Names and addresses of ..read more

It is easy to undermine your own negotiations. You may make mistakes in your strategy. You may lack experience. As a result, you may not realize what is happening until it is too late.  It is difficult to identify potential issues and lessen their impact on a business deal. Yet it is the key to negotiating an agreement that benefits your company.  Build a better relationship  The idea is not to defeat your opponent at the negotiating table. An "us versus them" approach puts you at odds rather than working together toward a deal.  As an entrepreneur, you focus on y ..read more

Mergers and acquisitions are both types of complex business transactions in which two companies come together as one. On the surface, a merger and acquisition can seem very similar to one another, so much so that people often use the terms merger and acquisition interchangeably or combine them when talking about complex business transactions.  However, while the end result is often similar, the process by which each takes place can be different. Here is an explanation of what each of the terms means, as well as recent examples of each.  Acquisition  An acquisition ..read more

Forming a business partnership is often an effective way to share risk and increase the odds of success. Nevertheless, because you have to work closely with your business partners, you must choose them wisely. Even if you pick the best individuals for your business venture, though, you may eventually have to deal with a partnership dispute. Ongoing business disputes can be disastrous for any organization. If partners are fighting, you may experience a significant disruption in your business processes. Even worse, if you cannot resolve your disagreements, you may have to end the partnership alt ..read more

To form a business with your family in New York may sound like a solid plan in the beginning. After all, few understand your motivations and goals the same way that your family members do. You may expect fewer disputes and more collaboration than in a business that doesn’t include family members. When family members enter into a business venture, they may think that they can handle any business disagreement. This is only true until it is not. The family bond does not always triumph. Any business venture, regardless of whether the parties are family members, needs a strong written contractual f ..read more