Notes whereby collateral acts as the security in case the borrower fails to pay back the note. The most common type is an auto loan, others include short term notes for equipment, mortgage notes, lines of credit used to address receivables or inventory. At closing, not only is a note signed, but a collarateral agreement and a security agreement are signed and attached to the note.
If you received a 1099-C, the first question you ask is: ‘Do I have to include this in my taxable income?’ Well, the answer is ‘it depends’. Not what you want to hear but there is a lot of variables involved in answering this question. [...]
When a lending institution loans money they mostly fear nonpayment of the debt. Often these loans were implemented due to a third party’s endorsement. To qualify the endorsement the bank may require the third party guarantee the debt. This [...]
The Small Business Administration (SBA) is an agency of the federal government that provides loans, counseling and procurement opportunities with the federal government. Simply stated: “The SBA helps Americans start, build, and grow [...]
There are many different types of bank loans, each having their own respective purpose. All bank loans are categorized into two distinct groupings; secured and unsecured loans. Within in each category of loans there are several different [...]
For any small business operation, getting cash into the bank account is critical to survival. Without cash, the probability of success dissipates quickly. So how do you get cash into the bank account? There are several sources of cash: they [...]