It’s Monday, the start of a new week.
Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.
It’s Monday, the start of a new week.
Ask your embarrassing, silly, or worrisome questions. Come learn and discover without judgment.
What exactly happens when you go bankrupt?
Why is it that I’ve seen small business owners go bankrupt, and then in a few short years they’re back up and running again, presumably they must have taken loans to open the new business.
Why does going bankrupt not seem to have any long term consequences?
As far as I understand it, the business goes bankrupt, not the individual.
In a sole proprietorship, aren’t they the same thing? That would only apply if incorporated, which most small businesses aren’t.
In that case I think you’re right. Quite a few businesses are incorporated though. Especially in the professional services realm where liability is a huge issue.