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
Pursuant to the California Corporations Code, there are certain specific items you must keep available at your place of business to comply with entity requirements. As an adjunct to an earlier show dealing with Practical Business Entity Tips, Bill and Rick discuss the “brick and mortar” office requirements as they apply to an LLC–the entity about which the most frequent questions have been submitted by viewers of the show. Learn what and where relevant documents need to be kept and what you must implement should you decide to dissolve your business entity.