Will I Lose My Personal Assets in a Business Bankruptcy?

Business bankruptcy, generally filed as Chapter 11, encompasses many circumstances that will determine the vulnerability of your personal assets in a business bankruptcy case. Rely on a full service business counsel to determine which assets are at risk, and why.

Depending upon the structure of your business, the risks to your personal assets can vary greatly. If you are a sole proprietor or a partnership, there will be a greater chance of creditors coming after your personal assets than if you are an LLC or corporation. It is far from being that simple, however. An LLC, although offering greater protection than a sole proprietorship, does not protect all personal assets as well as a corporation. In addition, a small business owner, regardless of the business structure, is often required to sign a personal guarantee:

• To the banks for a credit line
• To the landlord for rent of the business property
• To vendors for materials

These personal guarantees make all personal assets regarded like collateral and subject to liens and liquidation.

There are other areas which a business owner may be personally responsible for, such as payroll and certain taxes, and a business bankruptcy will have no effect on this responsibility. The importance of consulting with a qualified bankruptcy attorney, and a business accountant, prior to filing can accurately determine what options for personal asset protection might be available to both the small business owner and the larger corporation. You may be personally impacted by the filing but the degree of adversity can be greatly affected by the presence of these professionals as advisors.

The way a bankruptcy affects one’s personal assets is, to a high degree, established during the formation of the business and how the personal liability is predetermined. Whether the business is treated as a single entity or a separate entity during its formation decides much of the personal risk factor. Unfortunately many persons start a business without considering the risks that may go with a potential bankruptcy. No one plans to go bankrupt, but more than half of small businesses fail their first year.

It is not necessarily fact that an even an LLC or corporation will be exempt from personal suits being filed. Automatic stay provisions of the Federal Bankruptcy Law may extend to foreclosures and personal legal proceedings if reorganization under Chapter 11 is not possible.

If you, as an individual, borrowed cash and infused it into a business at the inception and converted the business to a LLC or corporation later on, that money is still guaranteed as a personal liability. It is a common misconception that once a sole proprietor incorporates that all personal obligations are buried in the corporate organization. In fact this could not be further from the truth.

Full service business counsel should be consulted prior to starting any business because every business has risks. Experienced professionals can help to reduce those risks at the onset and help to shelter one’s personal liabilities in the future.

Kolkata Hotels for Business Travelers

Business travelers to Kolkata usually expect a central location, excellent service, and great value for their money. A good hotel ensures that a business traveler focuses on their business rather than their stay. Find out some of the hotels that are best suited for business travel.

Kolkata is one of the most important business destinations in India and is located in West Bengal. The city still has many remains of the British era and several business are housed in English style buildings. Today, most of the large companies in India tend to have a major presence in Kolkata. To serve these business travelers, offers a wide range of business hotels from world class 5 star hotels to affordable budget accommodation. The locality of the hotel and the facilities one is looking for usually decides the price of a hotel. If one is planning on staying in a centrally located in Kolkata, Park Street area is the most preferred location. Hotels tend to be more expensive here than anywhere else. However, one can find accommodations in all price ranges. Below are some of the nice hotels for business travel.

Best Hotels for Business Travelers

Two of the best business hotels are Taj Bengal and The Oberoi Grand. Both provide top of the line facilities and impeccable service to the guests and are highly rated across many travel review sites. These 5 star hotels tend to be pricey with rates starting from Rs. 12000 per night’s stay. Business travelers working for big or multi-national companies and those who can afford it will definitely love their stay here.

Mid-range business travelers who wants to stay in good hotel without paying as much must check out these two centrally located Kolkata hotels – Hotel Lytton and Hotel Housez43. Both are 3 star hotels and are top-rated in review sites. Hotel Lytton is located on Sudder Street. Hotel Housez43 is located on Mirza Ghalib Street. Both these hotels have been favorites among travelers for many years and are known to provide consistent service to its esteemed travelers.

For the budget conscious travelers, the best accommodations in prime business locations (Park Street) include the Gulshan International. With rates starting from Rs. 1900, this hotel is a great value for your money – particularly considering the fact that Kolkata is an expensive place. Other good budget hotels includes Royal Garden (Rs. 1400) and Park Inn (Rs. 1200).

Depending on what your budget allows, you can always find a good hotel. One has to make sure to compare reviews of multiple hotels before making an online booking. Oh yes, make sure that you book in advance for a worry free accommodation.

Successful Business Networking

Successful Business Networking

It doesn’t matter what business you are in – whether it’s an on-line business, an MLM or a storefront, networking is essential to your business’ success. It’s a matter of trust and relationship building. People have to know you and trust you in order to refer business to you.

Successful Business Networking – Commonsense ideas to help you become a better networker:

  1. In order to gain the trust of others, you need to be genuine. Be honest. Find out about the other person, listen to their needs and see if there is a way you can help them.
  2. Determine what your goals are before participating in networking events. If you know what you want to gain, it’s easier to determine what kinds of events you need to attend. Are you trying to learn something new and make contacts? Or are you interested in making business connections? Figure that out before you go.
  3. Check out lots of different types of groups. Go to local Chamber of Commerce mixers to see if there is a fit. Meet- up groups offer just about any kind of networking you can imagine or see if there is a local BNI chapter in your area. Many groups will allow you to visit a couple of times before joining.
  4. Volunteer! This is a great way to connect with people while giving back at the same time. It’s a win-win situation.
  5. Be the go to person. When you are known as a great resource, people will come to you for suggestions, ideas, referrals, etc. That keeps you visible.
  6. When networking, ask open-ended questions. Ask who, what, where, when and how questions – not just questions that can be answered with a yes or no. Then listen to the response! People love a good listener and it shows that you are interested.
  7. Be able to articulate what it is that you do and what you are looking for from others. Be clear about your business and what makes you special. And be clear about what kind of referrals you are looking for. You need to know exactly what you want in order to communicate it to others.
  8. Follow through is imperative. When you get business cards or meet people at an event, call or send an e-mail the next day just to let them know you appreciated meeting them. It doesn’t have to be a long-winded call – just a quick hello to make you stand out from the rest of the crowd.
  9. If you get a referral, follow-up on it within 24 to 48 hours. If someone refers you, and you let it go, that reflects badly on the person who gave it to you. If you are prompt and attentive, you will receive many more referrals!
  10. If you meet someone who may benefit from what you do, or vice versa, make an appointment and get together with them to share ideas.
  11. And last, but certainly not least, smile when you are introduced to someone. Be welcoming and make them feel that you are really glad to have the opportunity to meet them. That one small thing can start things off on the right foot – and can lead to a great business relationship.

These are simple techniques but when put into practice, they can really help you. Just follow these ideas for successful business networking and it won’t be long before your business really starts to grow!