Small business

January 21st, 2009 by Questions

I own a small business of 10 yrs (sole propietor). Since the new year, the phone has not been ringing. I am out of money, and things do not look bright! The business bank acc is in overdraft, pst remitance is well behind, + there are other bills (business & personal).
I was thinking about filing bankruptcy.
If I do personally, under my name. What happens to the bills listed under the company`s name?

Posted from: Ontario


One Response to “Small business”

, A licensed trustee said:

Since your business is a sole proprietorship it is not a separate legal entity from you. If you file for bankruptcy the business will become bankrupt along with you (and that means the businesses debts will be included in the bankruptcy too).

Use the links to find a trustee in your area and give them a call – they can explain how all of this works.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)