Resources for Small Businesses

    2021 BUSINESS CLOSURE TOOLKIT

    Business-Closure-3-logos-1

    With financial support from JP Morgan Chase and invaluable pro bono legal support provided by attorneys from Miller Canfield, Michigan Community Resources’ 2021 Business Closure Toolkit provides practical guidance to small business owners who may be facing financial distress and considering options for Bankruptcy and Dissolution of their business.

    Through a special pilot program beginning in 2020, Michigan Community Resources partnered with JP Morgan Chase to explore ways to support Michigan small business owners. In 2021, we will continue to leverage our connections with pro bono partners to support these businesses, recognizing that like our nonprofit clients, thriving small businesses contribute to thriving communities.


    Introduction
    ii-Coaching-e1614099963481

    Our Coaching resources are designed to help small businesses that are struggling with financial constraints. These resources provide explanations of debtor rights, negotiation tactics, and more.

    After exploring their options, some businesses may find that having an open discussion with their creditors about their financial situation as a result of COVID-19 can help to resolve issues without requiring formal bankruptcy filing or business dissolution. These businesses may use the following document as a template for negotiating with creditors.

    Preview Creditor Letter
    DRAFT CREDITOR LETTER


    iii-bus-dis-e1614099451710

    The following resources are designed to help small businesses navigate the ins and outs of Business Dissolution. They provide an overview of the dissolution process as well as a step-by-step checklist for LLCs and Corporations.

    DISSOLUTION FOR CORPORATIONS
    DISSOLUTION FOR LLCs
    RESOURCE GUIDES
    Preview DIssolution Corp
    STEPS FOR DISSOLVING A MICHIGAN CORPORATION

    Preview DIssolution LLC
    STEPS FOR DISSOLVING A MICHIGAN LIMITED LIABILITY COMPANY (LLC)
    iv-bankruptcy-e1614099553319

    Our Bankruptcy resources provide small businesses with an overview of the different types of bankruptcy and the many considerations therein, such as cost, complexity, and applicability.

    RESOURCE GUIDES
    Ch 7
    Chapter 7 Overview


    Ch 11
    CHAPTER 11 OVERVIEW


    SBRA
    SMALL BUSINESS REORGANIZATION ACT OVERVIEW

    Please note:
    The information found in these videos and other resources is meant as general guidance and should not be considered legal advice.

    To be connected with a pro bono attorney, please apply for Michigan Community Resources’ COVID-19 Virtual Legal Clinic.