consumer proposal for business
May 18th, 2012 by Questions
I own a business in Ontario and have about 90K in unsecured debt. I am a sole proprieter. Can I file a consumer proposal?
Posted from: Ontario
One Response to “consumer proposal for business”
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May 18, 2012 at 5:56 pm, A licensed trustee said:
In your case you may file a consumer proposal. Since your business is a sole proprietorship, it doesn’t exist as a separate legal entity to yourself – that’s why you may file a consumer proposal. If it was incorporated, your business could not file – only “people” may file consumer proposals.
The down side to this is, since you and your business are not legally separate, if you file a consumer proposal you must include all of your debts, not just business debts.
Whichever trustee you speak to will explain all of this in greater detail.