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Lessor: The person or company that owns equipment and is leasing it out to others Lessee: The person or company who will use the leased equipment 1) Begin with realistic expectations and an open mind, and if you’re relatively new in the business for which you’re going to lease equipment, pay attention to the issues you encounter. The lessor might have more experience than you do and you’ll probably find that you’re getting an education as you proceed. That doesn’t mean that you need to be vulnerable and the following should help you avoid any serious mistakes. 2) Discuss ...
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Collecting a business debt while, at the same time, doing your best to keep the customer can be difficult. Sometimes you lose good customers and it seems there's little you can do about it. Ultimately you need to be paid. Collection alternatives include mediation and/or arbitration, either of which suggest that you might not receive all of what you are owed. You might prefer more direct action before trying those options. Consider trying one or more of the following: 1) Offer to accept payments. You have to negotiate this option and, of course, try to get a fairly large first payment. 2) Offer to accept some discounted amount ...
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Wyoming was the first state to authorize Limited Liability Companies (LLCs) in 1977. Since then all 50 states have adopted the LLC form of business and LLCs have become the most common choice of business entity. Nevertheless the actual protection LLCs provide for shielding their "members" personal assets from a successful lawsuit by a creditor has yet to be fully determined. In short, as things in the legal world go, 34 years isn't very long and there haven't been enough cases decided by the supreme courts in enough states to be absolutely certain how much personal asset protection an LLC will offer. That said, there is apparently a substantial amount of confidence ...
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If you're starting a new business you might want to try to assure that somewhere down the line your personal assets are protected from being taken by someone who has successfully filed a lawsuit against your business. In such cases you will probably decide to use either the corporate or the LLC form of business. Once you've made that decision you have to decide whether to form the business in your home state or whether there are sufficient advantages to forming it in some other state to make that option attractive. A business entity, such as a corporation, formed in a state other than where its headquarters are is called a ...
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The issue: Let’s assume your business has debts it can’t pay and you are successfully sued. Now your creditor has a court judgment against your business. If that creditor takes and sells your business assets and the debt is still not paid, can that creditor also take possession of your personal assets (your home, car, savings, etc.) and sell them? The answer depends mostly on what type of business entity you own. Is your business entity a sole proprietorship, a partnership, an LLC, a corporation, or some other entity? Here are the general guidelines that will tell you how much ...