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While the process of closing a business is very difficult for many reasons, it is important to make sure you get the best value for your assets, pay your employees, satisfy your creditors, and comply with state and federal laws.
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Closing a business and liquidating assets can be a very complicated procedure subject to many laws and regulations.
You should speak with an attorney or certified public accountant that specializes in business closures.
A typical clause will provide that should the contractor fail to complete by a date stipulated in the contract, or any extended date, he shall pay or allow the employer to deduct liquidated damages at the rate of ‘X’ per day, or week, for the period during which the works remain uncompleted.
Location: Ridgewood, New Jersey Office Phone: 201-670-0006 (x107) 201-759-4333 (Cell) 866-599-3625 (Toll-Free) Fax: 201-670-0009 Email: E-mail Me David H. is one of the Managing Attorneys at the Nachman Phulwani Zimovcak (NPZ) Law Group, P. Nachman and the NPZ Law Group prepare H-1B visas, TN applications, O-1A and O-1B artist and extraordinary ability visas, E-1/E-2 Treaty-trader and Treaty-investor visas, E-3 Visas for Professional Australians, EB-1(1) Extraordinary Ability Green Cards, EB-1(2) Outstanding Researcher Petitions, National Interest Waiver Petitions, I-601 Hardship Waivers, EB-1(3) Intracompany green card petitions, PERM Labor Certification Applications, L-1A and L-1B Intracompany Transferee Visas, F-1 student visas, H-3 Trainee Visas, B-1 Business Visitor Visas, I Media Representative Visas, J-1 Trainee Visas, Waiver of the Two Year Foreign Residency Requirement for FMGs, P-1 Athlete and Performing Artist Visas, P-3 Culturally Unique Visas, R-1 Religious Worker Visas, U Visas for Victims of Certain Crimes, Marriage Cases, Fiance Visa cases, Consular Processing, Adjustment of Status Applications and other U. and Canadian immigration law applications and petitions. Nachman assists international businesses of all sizes with intracompany transfers, I-9 Form issues, H-1B Site Visits, FDNS Investigations, DOL Wage & Hour Audits and consular processing of immigrant and nonimmigrant visa applications throughout the world. In addition to teaching immigration and nationality law, Mr. There can be no inquiry into the actual loss suffered.The advantage to an employer is that he will not need to prove the loss suffered.The most common default by a contractor that will give rise to a claim for liquidated damages is a failure to reach completion or to achieve specific milestones.The contractor may have a defence to the claim by proving that the agreed sum is a penalty.