Before you do anything else, take stock of your current financial situation. Collect information on your assets and liabilities, as well as your current resources. Your asset column should include cash and any items that may be sold for cash. The liabilities column should include all your outstanding debts.
If you are already in business, your current assets include cash, marketable securities, and any items that can be sold within the current 12-month period. Your current liabilities include accounts payable, accrued expenses, income tax payable, short-term notes payable, and the current portion of long-term debts payable.
