While it can be emotional to imagine the state of a business after your passing, it can prove crucial in the protection of your legacy. The reality is that your sudden passing can lead to thousands or millions of dollars in losses for your business, and even starker consequences for your family.
In a class action lawsuit, only one lawsuit is filed on behalf of an entire group of injured parties. Very often, for example, such lawsuits unite many individuals and go after a large company that has produced defective products that have causes injury or loss to every individual member of the class action lawsuit. The settlement that such a lawsuit results in is typically divided between all of the individual plaintiffs.
A personal guarantee is an individual or business entity that guarantees responsibility for another’s financial obligation, should they ever fail to repay their lender. Personal guarantee’s usually come in when securing a debt for a loan such as a car finance or mortgage, but the guarantor is not contractually liable for any part of the loan unless the debtor fails to make a payment.
If a personal guarantor does not respond to the lender’s demand, the lender has two options to choose from in order to collect the debt. First, the lender can file suit against the personal guarantor and second – he can petition a court for the personal guarantor’s bankruptcy.
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This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business
