If you want to start a business, you know how important it is to think out every detail in advance, especially in the realm of finance. You know many businesses fold because they just don’t have the cash flow to keep going or because they spend all of their start-up...
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Banking & Business Transactions
Do you need a separate business banking account?
On behalf of Spragins, Barnett & Cobb, PLC | Dec 17, 2020 | Banking & Business Transactions
Starting a new business is exciting, but it also means that you’ll have a lot to do. One of the things that should be on your list is to set up a specific bank account for your business. Why? There are a few reasons. Before you commingle your funds with your personal...
Should you repossess a car you financed or took as collateral?
On behalf of Spragins, Barnett & Cobb, PLC | Nov 13, 2020 | Banking & Business Transactions
Vehicles can be an asset worth a lot of money, which means that people often include them in major banking transactions. A customer in need of a personal loan, for example, might use their vehicle as collateral for that loan. Someone who needs a car because theirs got...
The basics of a business merger
On behalf of Spragins, Barnett & Cobb, PLC | Jul 14, 2020 | Banking & Business Transactions
A business has a life cycle. It has a beginning and a potential end, but it can also go through major events that shape how the business looks and operates. One of these events, which is determined to be major, is a merger. The decision to go through a merger impacts...
The importance of carefully selecting a business form
On behalf of Spragins, Barnett & Cobb, PLC | May 12, 2020 | Banking & Business Transactions
New business owners do not want to start their business out on a bad foot which is why they should take care to carefully evaluate the selection of a business form that will meet the needs of their developing business as it gets off the ground and begins to grow....
Steps you can take as a creditor to make sure that you get paid
On behalf of Spragins, Barnett & Cobb, PLC | Mar 13, 2020 | Banking & Business Transactions
Most Americans don't pay hard cold cash for anything. They instead take out loans or use credit cards to make big purchases. These individuals then make small payments across a few months or years until they ultimately pay an item off.A downside to giving debtors an...
Guiding you through banking and business transaction issues
On behalf of Spragins, Barnett & Cobb, PLC | Jan 3, 2020 | Banking & Business Transactions
In order for a healthy state and national economy, business transactions must occur. While many of these are positive and lucrative transactions, some businesses and individuals in Tennessee and elsewhere encounter issues when it comes to making a purchase or going...
What can a creditor say in a demand letter?
On behalf of Spragins, Barnett & Cobb, PLC | Oct 10, 2019 | Banking & Business Transactions
When a person agrees to borrow money from another person or entity and promises that they will pay it back, they effectively take out a loan from the individual that extended them the cash. The individual who takes the money is known as the borrower, and the person or...
Acceleration after default on a home mortgage
On behalf of Spragins, Barnett & Cobb, PLC | Sep 19, 2019 | Banking & Business Transactions
Home ownership is a goal of many Jackson residents, though few individuals can purchase real property outright without the help of loans. Financial loans that allow individuals to buy residential properties are mortgages, and mortgages are often held by financial...
What is a lien?
On behalf of Spragins, Barnett & Cobb, PLC | Aug 29, 2019 | Banking & Business Transactions
Extending credit or providing a loan to another person is a gamble on the part of the giving party. That is because, despite a contract or agreement that outlines how repayment will be completed, the receiving party may simply refuse to pay their creditor back. When...
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