Matthijs J.J. van Gaalen
Associé
Vidéos
Publié12 janvier 2023
Different types of entities lenders may encounter: Sole Proprietors
A sole proprietor is at the opposite end of the spectrum from a corporation. It's the term given to an individual who runs a business in their own personal name or unincorporated business style without using any other vehicle to do so.
4
minutes de lecture
My name is Stephanie Harvey and I am a corporate/commercial lending lawyer with Gowling WLG. You are watching video one of our 'Types of Security' video series. As the name suggests, each video in this series will discuss different security that a lender should consider when putting its security package together.
A sole proprietor is at the opposite end of the spectrum from a corporation. It's the term given to an individual who runs a business in their own personal name or unincorporated business style without using any other vehicle to do so.
In this video we discuss:
- Personal liability
- Entering into contracts without additional authorization
- Importance of confirming the legal name
- Desirability of a witness
Watch more videos | Go to our lending resource hub
How we can help
If you have any specific questions about the points discussed or it's specific application, please reach out to our Banking & Finance Group or Matthijs van Gaalen.
About the series
Every now and again, a banker may encounter an unfamiliar legal entity. Even with more common entities such as corporations, partnerships, and individuals, the legal considerations may not be always top-of-mind for bankers. In this series, we'll address some of the essential legal considerations for various types of entities that participate in financing transactions.
Would you like to discuss these or other issues related to protecting and maximizing your intangible assets? We're all about being connected. Get in touch with your trusted Gowling WLG IP adviser here.
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