Minnillo & Jenkins, CO. LPA
Hyde Park, Eastgate, Fairfield, Covington: 513-723-1600
Portsmouth: 740-300-2022
Call For A No-Pressure, Free Consultation

Debt could prove troublesome for a small business owner

For many small business owners in Ohio and elsewhere, financial difficulties can prove to be a source of stress. Smaller businesses may depend more heavily on a steady flow of income, and should a company experience similar issues, the need to seek guidance could be dire. Should these concerns persist for extended periods, the future of the company could be placed in limbo, potentially leaving a small business owner in search of options for relief.

The ups and downs of profit can have an impact on any business, regardless of whether a company is part of a chain or a privately owned operation. However, without the financial backing of a larger entity, the effects of periods of lesser profit can weigh heavily on a small business. This could lead some owners to take out loans to assist in keeping the company operational, which could only prove to be a temporary solution and lead to further troubles in the future.

Small business owners may also have less protection against taking risks, such as expanding operations. While these ventures may have the potential of bringing in additional income, if things don't go as planned, the cost of taking such a risk could prove higher than expected. When facing monetary troubles, having a plan to break free of debt may be essential, but a business owner might need assistance in the process.

When financial struggles pose a threat to the health of a company, a small business owner might find it advisable to seek guidance before deciding on a path. By speaking with a bankruptcy attorney, an owner could gain advice in making informed decisions regarding the future of his or her enterprise. An attorney can examine the situation a client in Ohio is facing and assist him or her in pursuing relief from the burdens of debt.

Source: entrepreneur.com, "Dealing with Debt as an Entrepreneur", Mark J. Kohler, Jan. 17, 2018

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Hyde Park Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: +1-513-723-1600
Cincinnati Law Office Map

Eastgate Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: +1-513-723-1600
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: +1-513-723-1600
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Suite 5
Covington, KY 41011

Phone: +1-513-723-1600
Map & Directions
Covington Law Office Map

Portsmouth Office
612 Chillicothe Street
Portsmouth, OH 45662

Phone: +1-740-300-2022
Map & Directions
Portsmouth Law Office Map