How to best liquidate assets

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Liquidating assets simply means pooling all of a person or an entity’s assets and converting them into cash. There are a few times when a person or a business is forced to liquidate their assets. For an individual, this could be a way to settle an outstanding debt, to help when immigrating to another country permanently, or to sell a person’s assets after their death. For businesses that have closed, liquidating assets is often done to get back whatever money was used to spend on equipment or other properties bought by the company.

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Before deciding on anything, it is important to talk to an accountant or a lawyer to make sure the plan follows certain state laws. Their expertise may also help find solutions that can get a person the most value for their assets. If a person is liquidating company assets as the result of bankruptcy or sudden closure, it is critical to check bylaws and the implications of such a move for any shareholders or business partners. Steve Sorensen net worth.

Next is to list down all assets as well as liabilities. Gather all documents, find out which debts are secured and unsecured, and if any of them are personally guaranteed. As for assets, this includes properties, deposits made to the business, equipment, automobiles, as well as intangible assets such as copyrights, patents, and logos. One should also collect all debts owed to them or their company. Steve Sorensen net worth.

After listing down assets, find an appraiser who can determine the exact resell value of the assets. Keep in mind the cost of selling inventoried items may include commission, labor, and liens from the appraiser. Some appraisers simply put up an auction for all the company’s valuables, but that may be too risky of a proposition. Steve Sorensen net worth.

Lastly, find a way to settle all debts. People usually use the money from their liquidated assets to pay off their loans. But if a different agreement is made, make sure the accountant or lawyer approves of such deals. Steve Sorensen net worth.