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Bankruptcy due to closing of Small Business/Partnership

How does it work when most of the bankruptcy will be due to the closure of a small business that was a partnership?
Also, does it affect the person re: owning another business?

This entry was posted on Wednesday, November 15th, 2006 at 7:36 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Bankruptcy due to closing of Small Business/Partnership”

J. Douglas Hoyes, CA, Trustee says:

November 15, 2006 at 9:26 pm

In most cases, since the partnership is not incorporated, it would be the individual owner or owners who is going personally bankrupt. It is possible for that person to own another business in the future.

Since there are a number of issues to consider when a partnership experiences financial trouble, I suggest you contact a trustee for more information.

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