A personal guarantee is a legally binding agreement between a borrower and a lender that makes the borrower personally responsible for repaying a loan. This means that if the borrower fails to repay the loan, the lender can take legal action against the borrower to recover the money. A personal guarantee is often used when a business is unable to secure a loan from a bank or … [Read more...] about Understanding, Benefits, Risks, and Negotiations of Personal Guarantee Agreements for Businesses
Banking
The Importance of Cash Reserves for Your Business: Benefits and How to Calculate
Cash reserves are a financial term used to describe the amount of money that a company or individual has available in liquid assets. These assets can include cash, checking accounts, savings accounts, money market accounts, certificates of deposit, and other short-term investments. Cash reserves are important for businesses and individuals because they provide a cushion of … [Read more...] about The Importance of Cash Reserves for Your Business: Benefits and How to Calculate
The Ultimate Guide to Choosing, Benefits, and Managing a Checking Account
A checking account is an essential tool for managing your finances. It allows you to easily deposit and withdraw money, pay bills, and make purchases. With a checking account, you can also access other financial services, such as online banking, direct deposit, and overdraft protection. Getting a checking account is a great way to start managing your money and building a strong … [Read more...] about The Ultimate Guide to Choosing, Benefits, and Managing a Checking Account