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Legal Tip of the Week
By WORLDLawDirect [November 21st, 2013]
When evaluating a franchise opportunity, look for system eligibility with the FRANCHISE REGISTRY. If the franchise system is eligible for this program, you will receive expedited loan processing through the U.S. Small Business Administration (SBA). If the system is not listed, you should immediately contact them and inquire as to their eligibility status with the SBA. >> MORE
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Your most common questions answered:
- How are bankruptcy proceedings started?
- [November 21st 2013]
- A debtor can voluntarily enter into bankruptcy proceedings, or proceedings can be initiated by the creditors. Proceedings that are initiated by the creditors are referred to as "involuntary bankruptcy."
- Why does it matter in which state a corporation is established?
- [April 13th 2010]
- A corporation is seen as a resident of its state of incorporation, and that state's corporate laws govern the corporation. Delaware is a popular state for incorporation because its corporate laws are especially well-developed and its courts well-versed in corporate law.
- What happens when a business goes into bankruptcy?
- [November 21st 2013]
- There are two types of corporate bankruptcy proceedings: Chapter 7 and Chapter 11. Under Chapter 7 proceedings, a business's or individual's assets are liquidated to pay outstanding debts. Under Chapter 11 proceedings, a corporation's debts are restructured, and the corporation is allowed to continue in business.