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Your Divorce Does Not Have to Close Your Small Business

In Separation & Divorce, Wealth by Carly Baker

Small business owners put a lot of themselves into the success of their business. They work incredibly hard, take enormous financial risks, and put aside other aspects of their lives in an effort to realize the American Dream. In essence, it becomes a part of an owner’s identity. Unfortunately, when a small business owner gets a divorce, it puts the business at the mercy of the equitable distribution proceedings. The reason for this is that for legal purposes, sole proprietorships and their owners are one in the same. In other words, when you do your business’s taxes, you do it under your personal tax return. Further, if you are sued, you are personally liable for the liabilities of your business. So if you are getting a divorce, your small business …