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Comment by kakoni

9 hours ago

Of course, but when getting bank loan(for the llc) to get started you have to give personal collateral.

I don't think any bank will give you such a huge personal loan that you could end up in debt for your whole life, since they typically want the loan repaid. The only way I can imagine that happening is if you're a sole proprietor and you get sued or fined. I can't think of another way to get exposed to that much liability.

  • 100ke might be enough. Once the debt is in enforcement (ulosotto in Finnish), interest can keep accruing at roughly 10%. If your earnings are low, you can pay for years without reducing the principal at all.

    • What are you doing taking on that kind of risk and starting ventures if your earnings are low? I'm sorry, but if you're a delivery boy living from paycheck to paycheck, you should be trying to get an education, not start a business. That's true in Finland and in the US.

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