Sole proprietorships are one of the easiest–but also one of the riskiest–types of companies to start. The reason for this is simple: all responsibilities of a sole proprietorship rely entirely on the owner. There are absolutely no limitations of liability in place, such as those that protect corporations. To that end, although all the profits are used as the sole owner sees fit, the sole proprietor is also 100 percent responsible for all of the debts.The simplicity of starting a sole proprietorship is also one of its primary downfalls. In many cases, those who start such companies have little to no experience in the business world, without a tested formula to increase profitability, leading to an increased possibility for financial trouble. Even worse, when such problems do arise, many owners simply turn to bankruptcy in hopes of either saving their companies or some of their assets. In truth, bankruptcy is not the only solution, and in many cases is far from being the better one. A business turnaround involving business debt restructuring is usually a better and more profitable alternative.
At Business Capital, the business debt restructuring of sole proprietorships is a specialty we have perfected. Our experts have helped countless companies rebound from financial turmoil, leading them back onto the road of success. Whether you have trouble paying your creditors or feel that excess debt is stifling your growth, we can provide you with the outlets and approaches needed to increase profitability and protect your company’s (and therefore your own) personal credit. Our business debt restructuring services can help you get back on the path to profitability in no time, with less time and expense than going through a formal court proceeding.
We understand that dealing with financial trouble can be overwhelming, especially when your company’s financial health is inextricably linked to your own. Waiting for things to resolve themselves is a recipe for disaster. Timing is usually a key ingredient for a successful business turnaround and avoiding bankruptcy. Contact us today at (888) 499-4775 and see how our agents can create a restructuring plan for your sole proprietorship that could help reduce your debt and save you from bankruptcy.