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Board Certified Bankruptcy Attorney

Largo Business Dissolution Lawyer

Winding Down and Closing a Business

In some situations, a business owner may have exhausted all the resources and options in an attempt to save his or her business. This includes incurring personal debt, loans, bank notes, maxing out credit cards, or getting a second and even third mortgage on his or her house. Often the owner is tapped out completely. When there are no other options for continuing the business, and even Chapter 11 reorganization, is not a viable alternative, generally the only remaining option is the winding down and closing of the business.

More Than 25 Years of Experience

My name is Daniel J. Herman. I am an experienced Largo business dissolution lawyer with more than 25 years of bankruptcy experience. Whatever financial stage your business may be in, I will be able to provide you with thorough and effective legal representation. I have an in-depth understanding of how to help businesses who have financial problems that have just started, or have gotten serious, or that are facing imminent closure. Contact me at 727-584-8161 for creative legal solutions to your financial problems.

Business Dissolution

If your business has reached the point of closure, it is absolutely critical to have an experienced attorney like myself assist you from beginning to end of the winding down and business closure process. There are various actions that you should not take which might be considered fraud or willful injury to the creditor. There are potential tax implications. If you do not pay withholding taxes to the IRS there is a trust fund recovery penalty that the IRS can assess against the individual business owner or even the owner of an incorporated business. Sales tax liability can be prosecuted as theft and one could face criminal penalties.

If a business or company sells assets which are subject to a security interest without the permission of the secured creditor, this might be considered fraud or other bad behavior that could result in nondischargeability of the underlying debt, even to personal guarantors.

As you can see, there are many procedural considerations that I can handle on behalf of your business including:

  • Identify all assets and liabilities
  • Separate secured and unsecured debt
  • Identify personal liability or personal guarantees of the business owner on corporate and business debts
  • Help you understand appropriate procedures for property sales and monetary disbursements
  • Help you understand tax liabilities and options for handling them

The winding down and closing of a business can be very hard emotionally and financially on the individual business owners. Often Chapter 7 bankruptcy by the owner can help alleviate the individual debt and create a fresh start.

Contact Me for More Information

Winding down and closing a business can be complicated. That is why you need my 30 continuous years of experience as an attorney to guide you. Contact the law office of Daniel J. Herman, for creative, effective legal advice for your complex business dissolution case. I am proud of the "AV" rating* I have received by the Martindale-Hubbell peer-review rating system and maintained for 15 years.

*CV, BV, and AV are registered certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards, and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the Bar and the judiciary. Martindale-Hubbell ratings fall into two categories - legal ability and general ethical standards.

Bankruptcy Disclaimer: The services or benefits provided are with respect to bankruptcy relief under Title 11 of the U.S. Bankruptcy Code. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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200 Clearwater-Largo
Road South
Largo, FL 33770-1330
Phone: 727-584-8161
Fax: 727-586-5813
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