Small business that declares bankruptcy

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Reference no: EM133615199

Question

If a small business that declares bankruptcy is a corporation or LLC, the owner's personal assets are not affected even if they have guaranteed loans that are used by the business.In a declining small business, the owner and key managers should resign to improve the chances that the business can turnaround successfully. New owners and managers will likely have better ideas to improve performance.

Reference no: EM133615199

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