22Jan/100
Business bankruptcy
Comparing a business’ revenue to an employee’s income and saying they are the same thing. But, similar to an employee, the sole proprietor is really only able to receive the after-expenses portion of that revenue to spend on household expenses and personal indebtedness. As a practical matter, a portion of the revenue is explicitly (contractually) or implicitly not going to be available for those purposes but for the exclusive use of the business to benefit it or its customers. I have filed several bankruptcies for both the self employed and landlords. Have always deducted expenses on form 22. Never a peep from the UST. Nice to have something tilt in bankruptcy debtor’s favor for a change.
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