$175K loan - no PG, do I have to file BK on the entity? What about inventory?
Been lurking here for a while, knowing my time would eventually come and it finally has.
Took out a $150K loan on a family owned distribution company, there is no PG due to the size. Company has been losing money for years and also issues with landlord. Landlord finally said we could get out of our lease. So we need to shut down, no other creditors, just the EIDL/SBA. What do I do?
Just stop paying and let them contact me? file BK (which seems silly for just one creditor)? 2. Dissolve the company and send paperwork to the SBA?
What about the inventory? It will cost more to move and store it than it's worth at this point.
There are minority stakeholders who have had no involvement in the business (since family owned), will this show up on their credit or impact their ability to borrow in the future?
Any thoughts are appreciated!