In the case of an unincorporated partnership or sole proprietorship, there is no legal separation between the assets and debts of the business and those of the owner(s). In these situations, a solution must be developed that deals with the owner(s) and the business finances together.
Where the business has been incorporated, the corporate assets and liabilities are legally distinct from the owner's and the financial difficulties of one do not necessarily impact the other. However, even with a corporation, owners are often liable for some of the company's debts because the owner is also a director of the company or because an owner has provided a personal guarantee on certain of the company's debts.
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