Chapter 16: Business debts1. IntroductionGiving advice to self-employed clients2. Types of small businessSole traderGiving advice to a sole traderPartner in a business partnershipGiving advice to a business partnerDirector of a limited companyGiving advice to a director of a limited companyMember of a limited liability partnershipClient with a franchise agreementMember of a co-operative3. Stages of debt adviceCreate trustList creditors and minimise debtsList creditorsMinimise debtsMinimise debts by ceasing to tradeList business income and expenditureBusiness incomeBusiness expenditureMaximise incomeClaim welfare benefitsDraw up a financial statement for a self-employed clientSole traders and partners in a business partnershipConsider any special tax rules that may applyDirectors of a limited companyDeal with priority debtsServicesNon-domestic rates (business rates)Rent arrears (business rent)Equipment leasesIncome tax debtsVAT debtsChoose a strategy for non-priority debtsBankruptcy and individual voluntary arrangementsDebt relief order