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Is there a rule of thumb for how much debt is acceptable for a startup consulting business?

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No, there's no rule of thumb that I'm aware of.

However, since most consulting firms require very little capital to launch (a computer, a phone and perhaps a small office if you don't want to work from home) and no employees except for the founder and a few freelancers, there's probably no reason to borrow money, anyway.
OK

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