Business Debt Archives • Financially Simple

June 27, 2019

Leasing vs Buying a Car – A Comprehensive List of the Pros & Cons

If you drive your personal vehicle for business purposes, you can claim tax deductions. I addressed that in my last article when I talked about whether you should claim the standard mileage rate or actual expenses on your taxes. Yet, leasing vs buying a car may make a difference to you as a business owner, too. Is it better to buy or lease a car for business? Let’s weigh the pros and cons.

April 10, 2019

Selling a Business with Debt strings attached

April 10, 2019

Selling a Business with Debt: Is it Possible? Yes But…

Oftentimes, business owners do not think about the liability side of the business sale. What happens to your business debt when you sell your company? Will the buyers assume the debt? Will you use proceeds from the sale to pay off the debt? What if your debt scares away potential buyers? If you are preparing to sell your business within the next five or ten years, any existing debt or any new debt you take on is going to create risk in your company. An increase in risk can lead to a decrease in business value. So before you finance another piece of equipment or before you utilize a business line of credit, decide whether the increased risk is worth the potential decrease in value to your business.

February 14, 2019

Peer to Peer Lending: An Alternative Source for Loans

Being a business owner often means needing capital, and sometimes you just don’t have the extra money you need. There are times you will want to turn to a traditional financial institution (i.e. a bank or credit union) for help, and there are times that may not be your best option. That’s where peer-to-peer lending (P2P) could come in. This alternative lending practice has been around for years but has risen in popularity over the last few. However, is it right for you and your business?

January 23, 2019

Debt & the Business Owner – Understanding Business Auto Loans

When it comes to running your own business it takes a great deal of planning and money. You may need to buy everything from real estate for office space to equipment to run your operations. Sometimes those operations require vehicle fleets—which can be used for a variety of services. And if you thought buying a personal vehicle was confusing, buying an entire fleet probably isn’t topping your business bucket list.

January 16, 2019

Understanding and Using Business Debt Strategically

Small businesses are the backbone of America, however, carrying so great a load means carrying a great deal of debt as well. In fact, 49% of small businesses are in some sort of debt. Yet, unlike most personal debts, business debts can sometimes be necessary. As a business owner, you may have experienced the need to take on and use debt for many different reasons.

November 16, 2018

How to Get Out of Debt – Strategies for the Small Business Owner

In our series: Debt and the Business Owner, we have come to the “HOW”—how to get out of debt. But where do you start? We’ll explain a few different methods to help you determine YOUR answer, especially if you are a business owner. You will need to pick one based on your specific situation. By the end of this article, you should have a pretty good idea of which debt reduction strategy is right for you.