3 ms·
First of all I have to admit that that I'm pretty clueless when it comes to startups, entrepeneurship, running a business (of any size), etc. Zero experience or
by brown9-2 17y ago
First of all I have to admit that that I'm pretty clueless when it comes to startups, entrepeneurship, running a business (of any size), etc. Zero experience or first-hand knowledge.
I have two questions that are likely pretty basic after reading this article:
1. If the company was successful enough to be around for 20 years and have 40 employees, isn't that "successful enough" to be able to incorporate the company or form a LLC so that all debt is taken out in company name, and that the owner was on the line for debt personally?
2. Is there no recourse for hiring accountants (especially a firm) that completely failed at it's job to properly book revenue?
- gscott 17y agoAnd instead of just shutting it down cold-turkey why not try to see if he could borrow money from the employees to keep the business afloat. I believe the article writer, his friend pushed him too fast into closing the business down especially when he had customers already and a robust work force that he could have paired down.
- brown9-2 17y agoI don't know if that would have been a viable solution - sounds like the owner might just have ended up losing the employee's money too in the end.