Small Businesses and Chapter 7
Are You Personally Liable for Business Debts? The answer depends largely on the structure of your business. If you did not form a specific business entity and you are the only owner of the business, you are probably a sole proprietor. A sole proprietorship is not a separate legal entity — which means you are personally responsible for all business debts and when you file for bankruptcy, you are really filing a personal bankruptcy. If your business was formed as a partnership, corporation, or limited liability company (LLC), whether you are liable for your company’s debts depends on other factors.
Join us to learn more on the Bottled Business Sense Show.
Bill Bernard – WFBLegalConsulting.com
Rick Moscoso – Captivate365.com
Steve Smith – GrowthSourceCoaching.com