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Find out how we started and continue to grow our businesses and how you can do the same. Be sure to check out our websites www.nuagepc.com and www.masonfirmllc.com

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Find out about networking events. Remember, the best way to grow your business is through networking!

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Follow Elliott on his quest to compete in the 2012 Summer Olympics in London.

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Get work out tips from the man who professionally competes in three sports – swimming, cycling, running – and the lay perspective from his sister.

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What's on the Executive's menu? What will Eldonie be making each week? Also, tips on dining in "In Executive Style" - it is all about presentation!

Wednesday, August 26, 2009

Starting a Business - 8

The Sole Proprietorship in NY Part II – Liability Issues
A sole proprietor is personally responsible for all debts of his or her business.
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2 comments:

  1. Racer 38September 2, 2009 at 10:10 AM

    Is all liability the same?

    In the event that a Sole Proprietor would need to file for bankruptcy, would it make any difference whether their debts were owed on business purchases vs. personal purchases?

    For example if a painter had charged supplies and advertising vs. if the same painter had fallen ill (not work related) and owed medical bills.

    Does it make any difference if the sole proprietor operates as an LLC?

    Does it make any difference if the painter is sued for something other than a financial issue - Like if someone tripped over the painters extension cord, fell and sued for medical bills, etc.?

    ReplyDelete
  2. Eldonie & ElliottSeptember 2, 2009 at 9:40 PM

    Hi Racer 38,

    Sorry, but your questions are actually outside the scope of this blog since I cannot offer legal advice.

    ReplyDelete

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