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 Bill and Rick to learn more on the Bottled Business Sense Show.

Bill Bernard – WFBLegalConsulting.com
bill@wfblegalconsulting.com
949.698.6222

Rick Moscoso – Captivate365.com
rick@captivate365.com
949.667.1182

Steve Smith – GrowthSourceCoaching.com
steve@growthcoursecoaching.com
949.951.9163

Small Business and Chapter 7

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