Under certain types of business entities, such as sole proprietorships or general partnerships, business owners can be personally liable for business debts. This means that if the business cannot pay its debts, creditors can seek repayment from the owner's personal assets.
In such cases, business owners might have to sell personal assets like:
- House or car: These are significant personal assets that can be liquidated to raise funds to cover business debts.
So, the answer is house or car.