Self-employed (sole proprietorship or partnership) and considering bankruptcy?

We recognize that every business is unique with its own issues and complexities. Therefore we recommend that you review your situation with one of our licensed trustees in bankruptcy. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent you from continuing to be self-employed or starting a…
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Repaying Tax Debt

Government debts including income tax, HST and payroll source deductions are no different than any other debts you may owe. The only difference between Canada Revenue Agency and other creditors are their special collection rights. These rights include the ability to: Garnish wages and seize assets without a court order Register an involuntary mortgage on…
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To Bankrupt Your Company Or Not; That Is The Question

At Welker & Associates we help owners of incorporated companies deal with their debt issues.   Should you bankrupt the company? Many people think that if they bankrupt their corporation it will solve their debt issues. Bankrupting the corporation will only end the corporation’s legal obligation to pay its’ debts. It will not affect any personal obligations…
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Number 1 Rule Of Business

In most cases businesses fail because of poor business management. Through the years I have helped a lot of business owners to deal with their debts. In most cases the businesses didn’t fail because the fundamental business was bad or because of poor workmanship. I think that the number 1 rule of business should be –…
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Government Debt and Your Company

Filing for bankruptcy is never an easy option for business owners. The decision can feel like a personal failure and may leave one unsure about the future. Bankruptcy can certainly be difficult, it can also provide relief for those struggling to keep up with debts. At Welker & Associates we help owners of incorporated companies…
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Is Corporate Bankruptcy the Best Choice for Your Ontario Business?

Filing for bankruptcy is never an easy decision. There are many important things to consider and whatever decision you make, you’ll have to live with both positive and negative consequences. How is Corporate Bankruptcy Different than Personal Bankruptcy?  If your business is incorporated, then legally the business is a separate entity and its assets are…
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Bankruptcy and Your Business

If you have concerns about your business’ finances, you should consult a Licensed Insolvency Trustee as early as possible. If your business is incorporated, then legally the business is a separate entity and its assets are owned by the business. In this case the incorporated company can go bankrupt if it cannot meet its financial…
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Tax Season For the Self-Employed

This year the deadlines for filing your 2017 tax return are as follows: April 30, 2018 for personal returns and June 15, 2018 for self-employed persons. Keep in mind, however, that any tax owing must still be paid by April 30, 2018. Though there are many benefits to being self-employed, there are additional responsibilities that should be taken into consideration…
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Bankruptcy and self-employment

Every business is unique with its own issues and complexities. Therefore it’s hard for me to give advice on bankruptcy without knowing your specific situation. We recommend that you review your situation with one of our licensed insolvency trustees. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent…
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What is the best option for Your Ontario Business?

There are many important things to consider when filing bankruptcy, and whatever decision you make, you’ll have to live with both positive and negative consequences. How is Corporate Bankruptcy different than personal bankruptcy?  If your business is incorporated, then legally the business is a separate entity and its assets are owned by the business. In…
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