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Re: Byteware going out of business
kinda like those Korean bars: Under new Management. Same people, same location, same old same old, just new license. It actually could be under a new owner as the old company can transfer it's DCCA registration number to another company.
The problem with another person buying the interests in a company is the Accounts Receivables, where there's a Net 30 discount on pending receipts and the company changes hands before collection of those receivables. The old company needs to retain it's name to receive and cash checks. However the new company cannot assume the old name because the old company needs to keep itself solvent long enough to collect on it's receivables. So the inventory stays the same, but the name has to change in order for the new business to be able to sell it's aquired inventory and pay its employees.
kinda like those Korean bars: Under new Management. Same people, same location, same old same old, just new license. It actually could be under a new owner as the old company can transfer it's DCCA registration number to another company.
The problem with another person buying the interests in a company is the Accounts Receivables, where there's a Net 30 discount on pending receipts and the company changes hands before collection of those receivables. The old company needs to retain it's name to receive and cash checks. However the new company cannot assume the old name because the old company needs to keep itself solvent long enough to collect on it's receivables. So the inventory stays the same, but the name has to change in order for the new business to be able to sell it's aquired inventory and pay its employees.
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