Sue,the owner of a small business which bakes and sells homemade butter cookies,plans to close down the business and leave the country.If Sue arranges to pay off all debts after the business is officially closed,which of the following methods of business termination is being used here?

Question

Quizplus · Accepted Answer

A workout is a method where a business owner negotiates with creditors to pay off debts, often after the business has closed, without going through formal bankruptcy proceedings.

Sue,the Owner of a Small Business Which Bakes and Sells