Business bankruptcy is the legal position of a business that is unable to pay its debts to creditors. The status is ascribed by the court, usually at the initiative of the debtor, at the point when they realise they cannot meet their financial liabilities. In this article Bankruptcy Canada give an overview of different types of bankruptcies and their effect on business’ income.
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sole proprietorship
Starting a business is one of the most important decisions of a business owner’s life. Therefore, you want to think about it carefully and consider whether you want to run the business by yourself and the advantages and disadvantages of doing so. You may also want to consider going into partnership, however you should make sure that you make a decision that you feel confident and happy with.
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There are three main types of business structures to choose from for your business in the UK. They vary in terms of scale, liability and investors. It is also possible to start off with one structure and move to another one, for example a sole proprietorship can expand to a limited liability company. In this guide, you will be informed on the basics of all the business structures and the benefits and disadvantages of them all.
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