Individuals who own sole proprietorships do not benefit from some of the advantages enjoyed by other types of businesses. One  of these advantages is limited liability.

Limited liability allows individuals who own interests in a business to protect their personal assets from business creditors. This advantage, however, is not afforded to sole proprietorship owners.

If a sole proprietorship owes debts and the business cannot  cover the obligations, then the sole proprietor owner may be forced to use his or her personal assets to pay off the obligations.

If you have questions about your sole proprietorship, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.