If you were left with a bunch of fines because a previous employee used your car, are you responsible? Actually yes, until you have the case heard in front of a magistrate. From that time you have a couple of options. Either resolve the debt or have it transferred to their rightful owner.
Often, businesses get into trouble because an unpaid family member is used to do the books to save money, only to prioritise family matters over the running of the business. By using an external book-keeper, you’ll take out all of the emotions from money-management and concentrate on proving the product or service that your business is all about.
We talk about what happens when you borrow money to pay debts. A lot of people in Australia buy their dream home not ever thinking about what would happen if they couldn’t pay their mortgage. But rather than offer you hardship facilities, some banks actually offer you more debt!
Have you created a Self-managed Super-fund only to use the money to pay company or personal debts? In this video we talk about how to deal with problems regarding Self Managed Superannuation Funds that are becoming more common and problematic for Australians across the country.
I love helping small business tackle financial problems.