Legal Question in Business Law in Massachusetts

closing business

Need to close my business which is not making money.

Owe a number of independent contractors money.

Want to make good on all invoices but need to get another

job to pay off the business.

Can I make an arrangement with the contractors to pay them

off in a fair amount of time? Do I have to go to the

Attorney General's office to do this since I have contracts

with the people I owe money to.


Asked on 3/02/06, 1:45 pm

1 Answer from Attorneys
Barry Levine Law Office of Barry R. Levine

Re: closing business

The answer to the question you ask requires a longer response and analysis then is available here. There are also several questions that you need to answer. Is your business a sole proprietorship or a corporation? Do you wish to mortgage your future income to pay past liabilities? What is the best and most efficient way to liquidate your business (this hinges on whether or not you are a corporation)? I would be pleased to meet with you at a mutually convenient time to review your business financial situation and develop the most appropriate strategy for dealing with same. I offer a free initial consultation. I look forward to hearing from you.

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Answered on 3/02/06, 2:12 pm


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