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Quick Answer When you lend money to a small business — even one owned by a friend or family member — you need more than a handshake and a good feeling. To protect yourself, you need a properly drafted promissory note, a security agreement covering collateral, a UCC financing statement filed with the Pennsylvania Department of State, and in most cases, a personal guarantee from the business owner. Without these documents, you are an unsecured creditor — and if the business fai

Why This Matters: You incorporated your business to protect your personal assets. But buried in vendor credit applications and supply agreements, a single signature can erase that protection entirely — and most business owners never notice it. When your business opens a commercial account with a vendor, supplier, or trade creditor, you often fill out an application for credit terms. These forms seem routine: company name, address, references, a signature. But many of them co

As a business owner, signing contracts is a common practice in the course of doing business. However, it's essential to understand that...

U.S. small businesses' rent delinquencies jumped in October as persistent inflation pressures ate away at their earnings. Specifically,...

Obtaining financing is one of the biggest challenges facing business owners . Virtually every bank will require a personal guaranty ...