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Legal Tip of the Week

Components of a business plan

By SoYouWanna.com, Inc.  [September 15th, 2023]

If you don't know the difference between a tablecloth and a spreadsheet, you'll definitely want to enlist some professional help. However, even if you're planning to eventually hire a business consultant to write your plan for you, you should still try to write a rough draft on you own. The first step in doing so is to familiarize yourself with the basics by reading through these typical components of a hypothetical business plan. >> MORE

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FAQs

Your most common questions answered:

How are bankruptcy proceedings started?

[January 21st 2018]

A debtor can voluntarily enter into bankruptcy proceedings, or proceedings can be initiated by the creditors. Proceedings that are initiated by the creditors are referred to as "involuntary bankruptcy."

Why does it matter in which state a corporation is established?

[April 5th 2018]

A corporation is seen as a resident of its state of incorporation, and that state's corporate laws govern the corporation. Delaware is a popular state for incorporation because its corporate laws are especially well-developed and its courts well-versed in corporate law.

What happens when a business goes into bankruptcy?

[June 17th 2018]

There are two types of corporate bankruptcy proceedings: Chapter 7 and Chapter 11. Under Chapter 7 proceedings, a business's or individual's assets are liquidated to pay outstanding debts. Under Chapter 11 proceedings, a corporation's debts are restructured, and the corporation is allowed to continue in business.

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