When a business files for bankruptcy, it can have widespread impacts that last for years. The business may cut operations and jobs to reorganize, and if it fails to emerge from bankruptcy, the impacts are greater. Employees are severely impacted through layoffs or pay cuts, which can even cause them to file for personal bankruptcy. Small business owners should research business associations thoroughly before joining to ensure it meets their specific needs and goals. Associations can provide benefits, but some are disorganized with little attendance and value. Obligations for eldercare can also significantly impact employee performance through missed time, interruptions, and even causing some to quit their jobs.

1. Norton Law Group PLLC <br />When a corporation files for bankruptcy, the fallout may impact employees, suppliers, as well as state and local economies. These impacts may occur over a two to three year period or longer depending on the type and size of business that declares bankruptcy. A business may cut its operations and decrease the number of workers in order to reorganize under bankruptcy. If the business fails to emerge from bankruptcy, the impacts will likely be greater. Businesses filing bankruptcy impact employees severely when implementing mass layoffs or issuing wage decreases. An employee may have to declare bankruptcy when they lose their job or receive a pay cut. In fact, most people who file personal bankruptcy declare job loss or low pay as one of the reasons they are filing for bankruptcy. If the company you worked for has filed bankruptcy and you’re concerned about your own finances, consider speaking with a bankruptcy attorney today. quot;
Affiliated business arrangementquot;
means an arrangement in which (A) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider.” Norton Law Group PLLC Business associations are membership organizations engaged in promoting the business interests of their members. These associations typically perform activities that would be unduly costly or time-consuming for an individual company to perform by itself, including lobbying, information gathering, research, and setting industry standards. Association spokespeople contend that by combining their voices under one banner, companies are able to establish a strong and unified presence and effectively protect their shared interests. Leading business associations in the United States include the U.S. Chambers of Commerce, the Better Business Bureau, the National Restaurant Association, the National Retail Federation, and the National Manufacturers Association, but there are tens of thousands more that operate at local, state, regional, and national levels all over America. Large firms have long been active participants in business associations, using the organization to advance their goals in a wide range of areas, from regulatory issues to research to industry image improvement. But smaller companies can benefit from association memberships as well, provided they find an organization that adequately reflects their priorities and needs, which may be dramatically different from those of big corporations. For example, a small business owner may value an association that provides education, peer contact, and networking opportunities more than one that is focusing its resources on eliminating an OSHA regulation that pertains primarily to large companies. Before entrepreneurs and small business owners begin shopping around for an association, they should first compile a chart of specific business and personal goals, as well as a list of talents that they have that would be welcomed by an association. quot;
All too often,quot;
explained Robert Davis in Black Enterprise, quot;
contact-hungry entrepreneurs and professionals join networking organizations before investigating them thoroughly. Does this sound familiar? You hastily join an organization, only to discover later that it's disorganized, poorly attended and moreover, doesn't meet your needs.quot;
In order to avoid such a scenario, small business owners should undertake a serious information-gathering effort before committing to an association. People considering an association should first request a brochure or information packet on the group that adequately covers its background, philosophy, structure, services, and affiliations, then request a meeting with an association representative or attend an organization meeting or event to get more detailed information. Current and former members of the association under consideration are also potentially valuable sources of information. quot;
Ask them about the level of commitment needed for worthwhile membership,quot;
said Davis. quot;
Also ask them to compare the benefits they have received from this organization with benefits received from other groups.quot;
Associations can be a positive force for a small business. Many join local or regional chambers of commerce as a means of providing health insurance to their employees. But all associations are not created equal. Some are poorly organized, poorly attended, and offer little benefit to ambitious entrepreneurs. Moreover, some entrepreneurs, already struggling to find time to attend to both business and family needs, are simply unable to invest the necessary time to make association membership worthwhile for them or their company. IMPACT OF ELDERCARE OBLIGATIONS ON EMPLOYEE PERFORMANCE In many instances, obligations associated with providing eldercare can become a considerable drain on an employee's productivity. According to a 1999 study by the MetLife Mature Market Institute, 16 percent of survey respondents indicated that they had to quit their jobs entirely in order to meet the needs of elderly parents (the percentage is even greater in businesses that have a high percentage of employees who are women, society's traditional caregivers). Many other respondents indicated that they passed up job promotions, training opportunities, or career-advancing projects because of their caregiving obligations. When these sorts of situations develop, small business owners and other employers are faced with the loss or diminished value of a productive, trained employee and—in cases where those obligations force a departure—additional costs associated with finding and training a replacement. But the obligations associated with eldercare are felt in other ways, too. Workers who provide assistance to their elderly parents or other relatives are likely to take off several days each year to attend to routine care issues. The MetLife survey confirmed this condition, noting that 64 percent of respondents used sick days or vacation time in order to address eldercare issues. Some employers might comfort themselves by observing that those vacation days are not unexcused absences, but they should recognize that losing vacation time for this reason can have a negative impact on employee morale and, ultimately, performance. Moreover, partial absenteeism—late arrivals, long lunch breaks, early departures, etc.—can take a heavy toll as well. But Tibbett L. Speer contended in American Demographics that an even bigger problem for employers are quot;
the workday interruptions faced by care-givers who talk on the phone with loved ones and service providers. This situation can arise even with employees who don't physically care for parents or whose parents live elsewhere. Estimated at one hour per week per care-giver, this factor is the biggest drain of all on employee productivity.quot;
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