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Discussion 1

In: Business and Management

Submitted By karanpatel894
Words 964
Pages 4
1. What is your main take-away from this article? What did you learn the most?

After reading the article by Simona Covel, my main take-away was that business owners and future entrepreneurs should always research and understand all possible business structures prior to starting a business. The example of Susan Hartzler illustrated the ideas mentioned in my main take-away. Susan Hartzler “did not know to ask” an advisor about how to set up a business structure that best suits her needs and therefore lost personal assets when she faced bankruptcy (Covel 1). The actions of Susan show how important it is to recognize that each business structure has its risks and how important it is as a business owner to comprehend these in order to protect oneself from losing any personal assets.
Prior to reading the article, I believed that a Limited Liability Corporation was a type of structure that prevented the loss of personal assets in bankruptcy. However, after reading the article and being informed about Mr. Tardiff and Ms. Watson-Tardiff’s case, I learned the most about limited liability corporations because it went against my original understanding of this type of business structure. I did not realize that, despite a business being an LLC, banks require the guarantee of a personal asset like a car or home in order for a business owner to get money to run or start their business. I believed a loan under the name of the business did not require such a guarantee from the business owner. However, by learning that personal assets are often tied to loans taken out by a business owner in an LLC, I was taught that personal assets can be lost in this type of business structure.
2. How does a firm's bankruptcy affect the owner of a sole proprietorship?

A sole proprietorship is a type of business structure that is unincorporated. This means that a single individual owns the...

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