What Are the Ramifications if I Can’t Pay My Employees
If you have been in business for at least a few years, you already know the consequences of not paying your vendors or business taxes. Now, in these times of economic uncertainty, many business owners find themselves asking the question, “What are the ramifications if I can’t pay my employees.”
Up to now, you may have been handling your daily expenses and making payroll just fine but are currently experiencing difficulty in this area. Fear not, there is hope for you when wondering if I can’t pay my employees, what happens now.
Is My Business in Danger if I Can’t Pay My Employees
Your employees can be your business’s biggest asset. They are often on the front lines of customer service and help keep your business running smoothly. On the contrary, if they are unhappy due to lack of payment, you will be in for a bumpy ride.
If employees do not perform at 100 percent, your customers will notice immediately and it is easy for a business to fail over poor customer service. These days, dissatisfied customers and employees are quick to express their displeasure on social media and business review sites.
There is also the additional expense of having to replace unhappy employees who quit. These things can spread like wildfire and eventually choke the life from your business.
What Options Are Available if I Can’t Pay My Employees
Making payroll is one of the most vital duties you have as a small business owner. Any time you are in danger of missing this crucial task, contact Financing Solutions (www.fundmypayroll.com).
With help from Financing Solutions, you can get the fast cash you need in less than 48 hours. It only takes a 15 minute phone interview to apply and you will receive an answer on your application in about 60 minutes.
If you are having problems with payroll, it’s likely that other areas of your business are also in trouble. The fast business financing you receive from Financing Solutions can be used for any business expense, such as paying business taxes or building working capital. They will even help you consolidate other debt payments into one lump sum.
The Ramifications of Closing a Business
When your business is struggling and all you can think about is “I can’t pay my employees,” you may consider throwing in the towel and closing your company. Before you go down this road, it is important to know the legal ramifications of this action.
Perhaps your biggest obstacle will be business taxes. Even if your business is no longer operating, you will still be responsible for any taxes due for the year. The IRS took down Al Capone so you don’t want them coming after you.
Additionally, in most states, you are required to give a one or two month advance notification. If you don’t provide this, they can hold you liable for the salary of any employees during that time.
You may also have inventory that will need to be liquidated. After all, you can’t just leave it there. Most likely, you will have to arrange a sale or auction.
Of course, your best move is to skip all this and save your business by contacting Financing Solutions. They can give you the fast business funding you need to pay your employees and get back to focusing on growing your business.