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Balloons vs. Calls In Financing |
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A balloon is a required payoff as of a certain date. Balloons are very common in owner financing, such as “amortized over 30 years with a balloon in 5 years.” This simply means that the loan is amortized over 30 years with monthly payments accordingly. Then, at the end of five years, the remaining balance is due.
But what if you have an excellent payor at a good interest rate? It may certainly be to your advantage to keep the money invested rather than getting the payoff and having to find another investment to generate an equivalent or greater yield. Besides, taxes may well be due on the payoff principal if this was treated as an installment sale for tax purposes.
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Before Your Next Closing |
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Re: INSURED CLOSING LETTER
Based on the many questions and problems I heard at my events, I wanted to again cover the Insured Closing Letter.
Question: “Dyches, is there any way I can assure that the closing agent distributes the closing funds to the proper parties?”
Obviously, there was more to this person’s situation than appears here, but that is the essence. How do we protect ourselves in closings from erroneous acts of the attorney or title company? Many of you would think that title insurance would cover this. But for many actions, it does not.
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Corporate & LLC Resolutions |
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How could you lose in "saving time and money" by not promptly updating your corporate minutes?
- Corporate meeting minutes are crucial to why you formed a corporation.
- Proper, timely corporate minutes help protect personal assets of owners and officers.
- Corporate resolution form
The IRS can win:
In an audit, the IRS often reviews minutes in your corporate record book, searching for discrepancies between the corporate resolutions adopted by the shareholders and board of directors and the actions of the corporation.
Without proper authorization in the minutes and accurate expense records, the IRS may reclassify expense reimbursement as dividends. Thus, you would have taxable income plus penalties and interest.
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