While most people consider some debt to be healthy, too much debt is certainly not good for a small business. It acts as a weight around your ankle, holding you back from accomplishing your long-term financial goals. Serious debt is something that creeps up on a lot of business owners, you’re not alone.
But how can you possibly ditch your debt?
Business Debt and Personal Liability
When serious debt is an issue, the first thing most business owners want to talk about is liability. What debt is exclusive to the business? And what, if anything, are you personally liable for? While there isn’t a straightforward answer to these questions, you should be able to determine, relatively quickly, what business debt can affect you on a personal basis….