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If a business cannot pay its debts, creditors can expect the owner(s) to pay the debts with their personal assets if the business is a ______. (Check all that apply.)

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In some cases, business often run at loss or encounter difficulties and therefore may not be able to pay its debt. If a business cannot pay its debts, creditors can expect the owner(s) to pay the debts with their personal assets if the business is a General partnership, Sole proprietorship.

  • In accounting, insolvency is often used to describe a state where a firm or an organization is unable to pay the debts.

It can be a person or company (debtor). at maturity, those in this state of insolvency are referred to as being insolvent.

A business that is insolvent often cannot pay its debts.

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