Business Debt/Business Closing

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Expert: - 4/13/2010


Question
Hello
Our single member LLC is closing down
We have no debt
We do however have vendors with which we have signed agreements with, Phone, Alarm etc.
If our business closes, do we need to pay these vendors for services that they are not providing anymore due to our closure?
Can they come after us personally?
Will our credit be affected?
It doesn't seem like anything is personally guaranteed, but is there a personal liability?
We have no assets other than some cheap furniture, which is essentially worthless.
Thank you so much.
Ben

Answer
Benjamin:
Appreciate your inquiry. Yes, it is best you notify them of your company status and that you will be discontinuing services. If there are no personal guarantees that is that. If there are PG's and you are unaware of them, the vendors may or may NOT, come after any other monies owed under contract. Most B2B vendors do not report to credit bureaus and are not required to. The only reason to do so would be to add pressure for you to personally pay under PG. If they pursue payment and you are able try to settle with them for a small percentage and get all deals closed in written terms so no future liability exists. Hope this is helpful, if so please take a moment to provide a positive rating so others may benefit as well.

Respectfully,

Christine Janklow

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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