I took out a loan as a Sole Proprietor and incorporated 2 yrs later, am I personally protected from the debt?
Answers: No.
Not until you repay the sole proprietor loan, or refinance it by your corporation, without providing a personal guarantee.
Your loan paperwork will tell you the correct answer, but if you signed the loan paperwork as an individual, then you are personally liable. As an incorporated business, you will still likely be asked by any bank to sign the loan and guarantee it as an individual, unless your business has substantial assets and the loan is made to the corporation. If a loan is made to the corporation, it would require a meeting of the board of directors of your corporation with a vote by the board on whether to allow the president of your company or another designated officer to authorize the borrowing of the money from the bank.
I have a business debt for $10,000 that i'm required to pay by the end of June I can't afford it. What do I do
Answers: Meet up with your creditor now and discuss with him the alternatives like work out a repayment schedule or you can work for him for free or something. But you musn't leave it to the last moment. He's expecting cash flow in June and will make his plans accordingly. The earlier you tell him the better. But you must repay him something to show you're genuine.
propser.com
They do personal loans up to $25,000. Your interest rate depends on your credit. You are pretty much guranteed to get a loan if you take a higher interest rate. It is a great website, it was on all the major news channels. Go read about it. Good Luck!
Has anyone who lives contained by the USA ever used MoneyBookers in the past for purchassing something over the internet?
I live in Washington and I am around to buy a 2 horse slant load trailer. The one I found that I resembling, the person said that it is located within the UK and she wants to gain the money by using MoneyBookers. I have never hear of this before. Has anyone used this in the past? Is it real or a scam? Do you suggest using it?Answers: I also contacted someone that be supposed to have an ATV for public sale in New York and get a similar answer, He is telling me that he moved out the ATV in a MoneyBookers warehouse beforehand he left, and that "they" will deliver it to me, I guess after I be paid the payment. He also added that he will be working contained by the UK for the next 7 months.
It sounds close to a scam to me. He didn't give me a location to see the vehicle, beside the business deal sounds too good to be true
So..beware.