Oh my God! I can't believe this! My business owes to much money and I don't have money to pay back!
THEY ARE GOING TO TAKE AWAY MY BELONGINGS!!!
I might lose my house, my cars and everything I have just to pay for my debts!
The bank took all of my belongings away because my business had unlimited liability, this means that I don't have a separate legal identity from my business
I have now been declared bankrupt by the court because I was unable to pay for my debts
If you don't want to lose everything like me, you have to consider limited partnerships, limited companies or any other type of organization that has limited liability. This way you can make sure that you are legally separated from your business and so you can't lose you belongings