Sentences with phrase «personal assets of business»

However, these business structures are designed only to protect the personal assets of business owners if the company is sued for liability.

However, these corporate business structures are designed merely as a way to protect the personal assets of business owners from liability expenses incurred against the company.

Many companies are set up as an LLC or a corporation to protect the personal assets of business owners if the company is sued.

Many Louisiana companies are set up as an LLC or a corporation to protect the personal assets of business owners if the company is sued for liability.

And in the field of business law, George Bellas has created the Corporate Maintenance Plan ™ that protects the personal assets of business owners by insuring that the corporate structure is preserved and creates a unique relationship between the business owner and their lawyer by creating a long term relationship with a lawyer that understands a business owner's unique needs.

If the company goes under, its assets are liquidated to pay off creditors, but the personal assets of the business owners are not at risk.

It is also important to note that liabilities, such as outstanding bank loans, guarantees, lease agreements and payments to suppliers are usually not insured, leaving the personal assets of business owners pledged against these liabilities, and potentially leaving family members in financial distress.

Not exact matches

Entrepreneurs like limited liability companies because they protect owners from having their personal assets seized by creditors of the business.

Defining the Benefits A major advantage of organizing your business as an LLC or an S corp is that you can protect your personal assets from the creditors of your business.

«The banks have no interest in financing small business unless they are 100 % secured on company assets, personal insurance and guarantees,» said a Bank of Montreal client based in Saint - Laurent, Quebec.

Sanford J. Schlesinger, cochair of the family - owned - business practice of law firm Kaye Scholer LLP in New York City, urges owners to think about what he terms «asset segregation» to avoid potentially catastrophic personal exposure.

In the United States, more than 2.4 million small businesses are set up as a limited liability company (LLC) for the purpose of limiting personal liability and protecting the owner's personal assets in the event of business failure.

Entrepreneurs are perfect candidates for this loan because they may not have any personal or business assets to speak of.

Anyone who owns 20 % or more of the business will have business and personal assets reviewed by the lender in question.

However, as a business owner, even if your personal assets are not leveraged, you are still responsible for ensuring payments are made in full and on time to avoid default through the personal guarantee of the owner (s).

Principal documents that should be submitted by the entrepreneur who hopes to start a new business include: resume (and resumes of any other key people involved in the proposed enterprise); current financial statement of all personal assets and liabilities; summary of collateral; proposed operating plan; and statement detailing revenue projections.

SBA loans are secured by both business and personal assets until the recovery value equals the amount of the loan.

For a legitimate business, it's generally a wise decision to keep the finances of your entity separate from your personal assets, according to Horwitz.

«Commingling business and personal assets basically undoes the whole reason you set up the LLC in the first place,» Horwitz warns as he guides me through the final step of opening a business checking account.

In order of preference, find a venture capitalist, an angel investor, a friend or family member who has enough assets to put some at risk, or a banker who will make a loan to the business without a personal guarantee from you.

«Even if you have stellar personal credit and good assets, if a lot of business contacts are saying you're paying them late, that's going to scare off lenders.»

Known as the limited - liability company (LLC), this structure offers the best of all corporate worlds for many new businesses: personal - asset protection (normally available only to shareholders of C corporations), elimination of corporate - level taxes (a benefit normally reserved for partners or S - corporation owners), and flexible ownership rules (which S corporations in particular lack).

Sometimes called security, personal and business assets (such as investments, real estate, equipment, and cash) can offer a backup source of repayment to the lender.

Rather than relying on personal assets such as a car, boat or home to secure the loan, unsecured lenders look exclusively at a borrower's credit worthiness to determine eligibility, making those with high credit scores and a long, solid credit history the best candidates for an unsecured business line of credit.

Assets in a sole proprietorship exist in the name of the owner and separating assets from business and personal use can be diffAssets in a sole proprietorship exist in the name of the owner and separating assets from business and personal use can be diffassets from business and personal use can be difficult.

While a traditional bank loan often requires specific collateral before they will lend to a small business and may rely heavily on the personal credit of the business owner, OnDeck offers fast small business loans from $ 5,000 to $ 500,000 with a general lien on business assets during the loan term and a personal guarantee.

The SBA may require professional appraisals of both business and personal assets, plus any necessary survey and / or feasibility study.

Collateral can consist of assets that are usable in the business as well as personal assets that remain outside the business.

Many lenders today don't require specific forms or types of collateral, but will rather apply a general lien on business assets and a personal guarantee to secure the loan — making it possible for many businesses without specific types of collateral to qualify.

His primary responsibilities covered a portfolio of global businesses totaling nearly CDN $ 13 billion in annual revenue and included global direct investing, advisory and Canadian asset management businesses, as well as leadership of Canadian personal banking, business banking and auto finance.

Lenders take collateral in the form of business or personal assets to secure the loan.

Our employees and other service providers are our most valuable asset, and we strive to provide them with compensation packages that are not only competitive but also that reward personal performance, help meet our retention needs and incentivize them to manage our business as owners, thereby aligning their interests with those of our stockholders.

in the event that we sell or buy any business or assets, in which case we may disclose your personal data to the prospective seller or buyer of such business or assets; and

Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward - looking statements, including, without limitation: BlackBerry's ability to enhance its current products and services, or develop new products and services in a timely manner or at competitive prices, including risks related to new product introductions; risks related to BlackBerry's ability to mitigate the impact of the anticipated decline in BlackBerry's infrastructure access fees on its consolidated revenue by developing an integrated services and software offering; intense competition, rapid change and significant strategic alliances within BlackBerry's industry; BlackBerry's reliance on carrier partners and distributors; risks associated with BlackBerry's foreign operations, including risks related to recent political and economic developments in Venezuela and the impact of foreign currency restrictions; risks relating to network disruptions and other business interruptions, including costs, potential liabilities, lost revenues and reputational damage associated with service interruptions; risks related to BlackBerry's ability to implement and to realize the anticipated benefits of its CORE program; BlackBerry's ability to maintain or increase its cash balance; security risks; BlackBerry's ability to attract and retain key personnel; risks related to intellectual property rights; BlackBerry's ability to expand and manage BlackBerry ® World ™; risks related to the collection, storage, transmission, use and disclosure of confidential and personal information; BlackBerry's ability to manage inventory and asset risk; BlackBerry's reliance on suppliers of functional components for its products and risks relating to its supply chain; BlackBerry's ability to obtain rights to use software or components supplied by third parties; BlackBerry's ability to successfully maintain and enhance its brand; risks related to government regulations, including regulations relating to encryption technology; BlackBerry's ability to continue to adapt to recent board and management changes and headcount reductions; reliance on strategic alliances with third - party network infrastructure developers, software platform vendors and service platform vendors; BlackBerry's reliance on third - party manufacturers; potential defects and vulnerabilities in BlackBerry's products; risks related to litigation, including litigation claims arising from BlackBerry's practice of providing forward - looking guidance; potential charges relating to the impairment of intangible assets recorded on BlackBerry's balance sheet; risks as a result of actions of activist shareholders; government regulation of wireless spectrum and radio frequencies; risks related to economic and geopolitical conditions; risks associated with acquisitions; foreign exchange risks; and difficulties in forecasting BlackBerry's financial results given the rapid technological changes, evolving industry standards, intense competition and short product life cycles that characterize the wireless communications industry.

It is easy to qualify for factoring and NOT like traditional financing or bank loan or lines of credit where approval is based on your personal and direct business credits and assets.

Failure to pay your loan may result in the repossession of your business assets or your personal assets — in the case of a personal guarantee.

The structure of an equipment loan may also impose a lien upon additional business assets or require a personal guarantee.

Small business owners are least able to overcome the loss of any personal assets and therefore have the most to gain from structuring their businesses as an LLC.

The solution to this — or at least a way to limit the possibility that the owner's personal assets might be the target of a suit — is to have a trust own the business.

As opposed to typical collateral like your business property or personal assets, limited collateral typically requires you put down a percentage of your future sales in case you default on your loan.

Business owners who, as a normal course of business, create a potential risk of injury to themselves or others should purchase business or personal liability insurance in addition to sheltering their assets with Business owners who, as a normal course of business, create a potential risk of injury to themselves or others should purchase business or personal liability insurance in addition to sheltering their assets with business, create a potential risk of injury to themselves or others should purchase business or personal liability insurance in addition to sheltering their assets with business or personal liability insurance in addition to sheltering their assets with the LLC.

Though you may lose some of your tangible assets if you are unable to repay the loan, you won't lose strategic control of your business; provided you legally protected your personal assets.

However, you can be held personally liable for all the debts and liabilities of the business, and this could put your personal assets at risk.

First, the bank will has all of the owner's personal assets and guarantees as well as business assets tied up as collateral for whatever loan it is providing.

Putting up the business or personal assets as collateral can put you at risk of losing them in case you default.

Legally, the owner is the business and personal assets are typically exposed to liabilities of the business.

Ignoring any other assets you accumulated in life — your home equity, savings accounts, cars, personal investments in a brokerage account, annuities, businesses you started; disregard all of it — your 401 (k) balance alone would contain upward of $ 4,426,000.

As I wrote in my Personal Capital review after sitting down with CEO Bill Harris for 1.5 hours, I think the business model of leveraging technology to gather and manage assets is a no brainer.

Entrepreneur writer Diana Ransom suggests that if «you've personally guaranteed any of your business's debt — meaning, if a creditor or supplier can come after your personal assets if you default — make sure paying off those debts becomes a high priority as well.»

In the event that we sell or buy any business or assets, in which case we may disclose your personal data to the prospective seller or buyer of such business or assets.