TL;DR
- Choosing the right business structure, like an LLC, can protect personal assets and reduce risk.
- Chapter 11 bankruptcy offers a chance to reorganize debt and restore business operations.
- Maintaining cash flow, cutting costs, and boosting revenue are key to long-term stability.
- Emergency funds and regular audits help detect and prevent financial trouble early.
- Open communication with creditors and legal advice can help small businesses avoid bankruptcy.
One of the essential foundations for maintaining financial stability in a small business is choosing the right business structure. According to the Small Business Administration, an LLC (Limited Liability Company) is one of the most common types of business structures for small enterprises.…
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