Buying & Selling a Business
What Is A Secured Creditor?
A secured creditor is a creditor that has filed a UCC form against certain assets which says in the case of your default, he has first rights to those assets. In real estate a mortgage is filed to secure the creditor. Banks always want as much security as possible. Try never to secure a purchase of a business with your home.
Note If you need professional help with "Buying & Selling a Business" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.