Question by KONG: will this involve their children and their wife if bankruptcy?
if there isn’t enough money in the business to pay the debts, and the partners are broke, creditors and bank can take the personal assets to pay all of the business’s debts, not just the share only, right..i mean the sole proprietors and partnerships case… but will this involve their children and their wife? Will their children’s & wife assets will be taken also?
Best answer:
Answer by Anderson Cooper
Talk to a lawyer. If the business was incorporated or a limited liability partnership, then creditors may NOT come after personal assets of owners. If it was a sole proprietorship or traditional partnership, then the owners have a problem. Assets of family members have nothing to do with the matter and cannot be taken by anyone.
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