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If you own a small business, you are probably used to separating your business and personal finances. A personal guarantee is an agreement an owner or executive makes to pay back a debt if the ...
Business credit cards. Corporate credit cards. Who’s liable? The business owner usually signs a personal guarantee, making themself liable for all debt (including any debt charged by employee ...
Corporate cards are available for large, established businesses and are less likely to affect the personal credit of users. Small business credit cards typically require a personal guarantee from ...
Negative covenants may be continuous or incurrence-based. Violations of negative covenants are rare compared to violations of affirmative covenants. With most debt (including corporate debt, mortgages and bank loans) a covenant is included in the debt contract which states that the total amount owed becomes immediately payable on the first ...
A loan covenant is a condition in a commercial loan or bond issue that requires the borrower to fulfill certain conditions or which forbids the borrower from undertaking certain actions, or which possibly restricts certain activities to circumstances when other conditions are met.
If you sign a personal guarantee on a business loan, you are responsible for paying back the money if the business is unable to do so. The lender can try to collect the money from you, including ...
Personal guarantees: Some cards require a personal guarantee, meaning your personal credit score could be affected if you fail to pay off the card's balance. Look for a business credit card with ...
If you have an established business and have great credit, you may find a lender willing to offer an unsecured loan with no personal guarantee, but the rates and terms won’t be as good.