If a sole proprietor closes a business that has no assets but owes money to a creditor,the owner is personally liable to pay the creditor.

Name: If a sole proprietor closes a business that has no assets but owes money to a creditor,the owner is personally liable to pay the creditor.
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As a sole proprietor, the business and the owner are considered the same legal entity, so the owner is personally liable for any debts or liabilities of the business, even if there are no assets to cover them.

If a Sole Proprietor Closes a Business That Has No