• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Owners Unaware of Bankruptcy Laws in Entrepreneurial Decisions

Discussion in 'Asset Protection/Taxes/Legal' started by MJ DeMarco, Oct 8, 2007.

  1. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    28,043
    Likes Received:
    93,331
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $404,631
    Admin Post
    But maybe entrepreneurs should, since the most recent U.S. Census Bureau data estimates that approximately 50 percent of small businesses (less than 500 employees) close within four years of launch. And according to a new study of 90 Iowa small business

    Full Story...
     
  2. Adam
    Offline

    Adam New Contributor

    Messages:
    68
    Likes Received:
    15
    Joined:
    Aug 12, 2007
    Location:
    Minneapolis
    Rep Bank:
    $50
    Re: Owners Unaware of Bankruptcy Laws in Entrepreneurial Decision

    This is a good point. Its so easy to start a business or get into a partnership, but most people can't even begin to understand how hard it is to get out until they try.

    My suggestion, though, instead of just planning for bankruptcy, you should have a solid exit strategy. This starts with a solid (if not generic) member control agreement that outlines buy/sell, divorce, dissolution, etc.

    A first time business owner will not want to spend any time on this, as they "will not fail", however planning for the end will allow you to succeed well beyond just one failed business.
     

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page