Suppose your business fails and you still have large business loans. How would you handle the debt?
Let's assume the business is a small home based business. The other assumptions is Sole Proprietor and Limited Liability Proprietor.
My father ran into this problem. He started a business around 10 years ago and the business failed, bad. He wound up in an upside down business. Around this time we really started sending people overseas for the war so he found a contractor job and spent 5 years in Iraq making 6 figures. The first 3 years were spent correcting his business debt, the 4th year was spent paying off the other family debts and the last year went to savings so he could come home.
Great sacrifice. But there are lots people who would not want to go away from family for long periods of time in a dangerous country to settle money problems. Nevertheless, I am glad to hear he turned his finances around.
I agree completely. It was a last resort decision he had to make after losing his job after working there for 13 years.
by caycoltken6 years ago
How many years do banks go on businessloans , for about $5000
by orbitbusinessloan9 years ago
When you say "other expenses too" does it include financing for this?
by fangS7 years ago
why some of the Despicable Me minions have one eye and others have two eyes
by tjo7 years ago
If I am a sole proprietor, what abbreviations do I use after the name of my company?
by Laura C.7 years ago
Once I have an LLC, am I required to use it? Or may I continue to do some work as a sole...proprietor? Thanks.
by Susan Reid6 years ago
Let's say you found out your spouse/significant other (long-term) had been keeping a secret about him/herself from you.Something they could easily have come clean about at any time, but did not.Would you be more...
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