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Business Debts

The legal status of your business determines how your debts will legally be treated and what type of business debt advice you require.

For example, a Sole Proprietors will be personally liable for all the business debts, which are treated no differently to their personal debts. PaisaFreedom can advise Sole Proprietors on the most appropriate debt solution for their circumstances.

Partnerships are treated differently to Sole Proprietors in that the Partners are jointly and severally liable for any debts (this means that even if one Partner goes Bankrupt, the remaining Partners can be pursued for the remaining liability in full).
Limited companies are separate legal entities, which means that company directors are not personally liable for the company’s debts (there are some exceptions to this – personal guarantees, wrongful or fraudulent trading, GST & other tax liabilities after taking cash drawings and transactions under value).

, If you are struggling with your business debts but believe that you can turn your business around. Then we can help by looking at your financial situation and work out a breathing space, to get temporary protection from your creditors while you get debt advice and make a plan to turn your business around.

Debt Free Counselling

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