The sooner your business hires a bankruptcy attorney, the better. Smart business owners realize they need a bankruptcy attorney before the storm clouds appear, rather than after the storm has swept through their business. If you wait until the last minute to look into bankruptcy counsel, it might be too late to save your business and your assets. Learn more about why your business should hire a bankruptcy attorney and how these professionals can help your business in the long-run.
What is one of the biggest problems facing cannabis businesses today? What to do with the money. Currently, most banks are reluctant to service cannabis businesses as such activity could threaten the bank’s charter since marijuana remains a Schedule I substance federally. Cannabis banking is certainly a risk for a chartered bank. Cannabis businesses cannot generally use credit cards or electronic funds transfers. Cash, which is fraught with risks, is sometimes the only way to operate.
Entrepreneurs start new businesses knowing they are taking certain financial risks. They recognize that their businesses may fail. Entrepreneurs also know that they can likely obtain some value from the sale, reorganization or liquidation of the failed business. The Bankruptcy Code facilitates the ability of companies to recover the value from the assets and business operations for the benefit of the creditors and equity holders. In this way, the Bankruptcy Code allows entrepreneurs to engage in risk-taking activities by protecting property rights of individuals and business entities.