Submitted by
Min Thai on October 5, 2009
Lately, I have seen a significant amount of frustration by businesses and individuals in the business industry concerning collection on accounts. Of special concern are loans and lines of credit being extended to other businesses that either have questionable ability to pay, or are on the brink of bankruptcy. In such a situation, it can be desirable to have the individual owners of the debtor business sign a personal guaranty wherein the person guarantees to pay the debt of the corporation. There are several types of guarantees, e.g., continuing guarantees and limited guarantees. Although the idea is simple, there are several legal requirements and subsequent actions that must be considered and handled with care.
This timely article from Trust and Estates should be of interest to any closely held business owner. Should you have any question don’t hesitate to contact me, Mark Doyle.
The top 10 things owners should be considering now
Large public companies have the luxury of in-house staff and large outside consulting, accounting and law firms. During this economic downturn, they’ve gotten loads of expensive, expert advice on how to manage risk and take advantage of opportunities to gain a competitive edge when the recovery inevitably arrives.
Closely held business owners are more alone and—busy putting out fires to stay solvent—can lose perspective.
So attention advisors! Help your smaller business-owning clients grab hold of the big picture. Walk them through this list of the top 10 things that closely held business owners should consider in these turbulent economic times:
Tredway, Lumsdaine & Doyle was recognized for their support of people with intellectual and developmental disabilities by the Arc of Southeast Los Angeles County at the organization’s annual Inaugural Banquet on June 23, 2009.
Tredway, Lumsdaine & Doyle was honored by Arc for Tredway, Lumsdaine & Doyle’s contribution as a Platinum Sponsor of Arc’s largest annual fund raising effort, the Arc Walk for Independence. This year’s walk was held on March 28, 2009 at the Stonewood Shopping Center in Downey, California, with over 3,500 walkers and thousands of dollars raised for Arc’s programs.
