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small business loan?
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how does a small business loan work? if i were to take out one from a bank, and my business failed, would i be expected to pay back the loan with my own money or is there some kind of cover?
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For more on marking an answer as the "Best Answer", please visit our FAQ.If you're running a business as a sole trader or in a partnership then, whatever financial agreements you enter into, you (as an individual) can be pursued for the debts of the business.
To avoid the possibility of being burdened with large debts, you should register the business as a limited company.
Chris
To avoid the possibility of being burdened with large debts, you should register the business as a limited company.
Chris