North Dakota Accounts Receivable — Guaranty is a legal agreement designed to provide financial protection to lenders or businesses by guaranteeing the payment of accounts receivable in case of default. This arrangement ensures that the lender or business can recover the amount owed by receiving payment from a third-party guarantor. In North Dakota, there are two main types of Accounts Receivable — Guaranty: 1. Personal Guaranty: This type of guaranty requires an individual, usually the business owner or officer, to personally guarantee the payment of the accounts receivable. Should the business fail to fulfill its payment obligations, the guarantor becomes responsible for the outstanding amount. Personal guaranties provide an additional layer of security to lenders and businesses, protecting their finances and ensuring the collection of debts. 2. Corporate Guaranty: Unlike personal guaranties, corporate guaranties are issued by a separate legal entity, such as a parent company or a sister corporation, and not an individual. This type of guaranty is often used in situations where the lender or business requires a higher level of financial assurance. By obtaining a corporate guaranty, the creditor gains reassurance that the account receivable will be paid, even if the borrowing entity faces financial difficulties. Keywords: North Dakota, Accounts Receivable, Guaranty, Legal agreement, Financial protection, Lenders, Businesses, Default, Payment, Third-party guarantor, Personal Guaranty, Corporate Guaranty, Individual, Business owner, Officer, Collection of debts, Security, Corporate entity, Financial assurance, Creditor, Borrowing entity, Financial difficulties.
North Dakota Accounts Receivable - Guaranty
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?Disregarded entity? is a tax term. It refers to an entity that, as the name implies, will be disregarded ? or ignored ? for federal income tax purposes. The most common disregarded entity for federal income tax purposes is the single-member limited liability company (SMLLC).
Definition of a Disregarded Entity A disregarded entity is a single-owner business entity that the IRS disregards for federal income tax purposes. The owner, instead, pays the business entity's portion of the taxes on their own personal return.
There are pros and cons to owning a disregarded entity. The pros include pass-through taxation, easy tax filing, and limited liability protection. The cons include having a harder time obtaining investors as well as possibly paying self-employment taxes on top of other business taxes.
If you're a single member Limited Liability Company (LLC) that is a disregarded entity, then the ?Name? line on your W9 needs to be that of the owner of the LLC (who would file a federal tax return), and not the LLC business name.
If you are a sole proprietor using a DBA, your business is also considered a disregarded entity by the IRS. Whatever income your DBA makes will pass through to the tax forms you file for yourself. To leverage some business-related tax strategies, you're better off looking into forming a partnership or a corporation.