Because the law recognizes that the owner and his business are one [sole proprietorship so to speak], the law makes no distinction between the obligation of the business and the obligations of the owner.
If you as a sole proprietor incurs a debt, it makes no difference whether it is a business debt or a personal debt; you are fully liable in either case. A business debt will jeopardize your personal assets; a personal debt will jeopardize your business.
The nature of your sole proprietor business creates several problems that are best solved through insurance. While some of these problems are fully recognized by the professionals, their solutions are obvious only to an experienced insurance adviser.
Take for instance, in order to experience the challenge of being in business for yourself, you are paying a price in term of sacrificed benefits. So sole proprietor in your own interest, it pays to consult an insurance adviser who can propose what’s the best benefits that you would have as an employee.
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