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How to protect personal assets if your business fails
– moneysense.ca
Q. We are closing our business due to the recent pandemic events. We had been looking at selling it anyway due to a struggling economy, challenging franchise, and so on.
We are personally liable to the bank for our build-out loan, as well as to the landlord. Basically, we would love to avoid losing our house and were wondering if it is possible to sell our house to a relative for a $1 and then just continue to rent it from the relative until everything is finally resolved.
–Annette
A. First off, Annette, I am so sorry to hear about your business. You, and many other business owners, have been sideswiped by this pandemic.
I suspect you are aware of some of the business measures put forth by the federal government like the Canada Emergency Business Account. The CEBA provides up to a $40,000 loan at 0% interest for businesses with between $20,000 and $1,500,000 in payroll in 2019.
CEBA can be used to pay operating expenses, including existing regular debt payments—like your build-out loan…
We are personally liable to the bank for our build-out loan, as well as to the landlord. Basically, we would love to avoid losing our house and were wondering if it is possible to sell our house to a relative for a $1 and then just continue to rent it from the relative until everything is finally resolved.
–Annette
A. First off, Annette, I am so sorry to hear about your business. You, and many other business owners, have been sideswiped by this pandemic.
I suspect you are aware of some of the business measures put forth by the federal government like the Canada Emergency Business Account. The CEBA provides up to a $40,000 loan at 0% interest for businesses with between $20,000 and $1,500,000 in payroll in 2019.
CEBA can be used to pay operating expenses, including existing regular debt payments—like your build-out loan…
