Archive for the ‘Finance Essentials’ Category

It is often occurs, that people need money for different purposes, but they don’t have the needed amount of money and can’t ask their relatives or friends to lend them a needed sum. In this case, one can get a business loans for business purposes or a credit line for various purposes.

Business loans are a certain amount of money given to business by a bank, organization or individual(s) to be paid back by a certain date with a certain amount of interest. If you need cash for starting new business, working capital, new machinery or equipment, property development or refurbishment, you can get a loan for your business. The amount of business loans are determined by a cost to every operational, financial or developmental aspect within the business plan. The amount of interest is determined by the recipient’s credit history, the political climate, the presence of collateral and the financial risk. The repayment schedule depends on for what the loan is being used. Business loans have obvious advantages and are very helpful and useful for owners of small businesses.

A credit line is the amount of money available for you to borrow from a bank. You can get a credit line for business or personal spending. The advantage of credit line in contrast to loan is that bank allows you to borrow any amount you need instead of borrowing a specific amount of money or mis sold ppi and paying it back over time.

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Family offices have appeared in the U.S. in the late XIX century – after the big industrial businesses began to grow. Wealthy people needed qualified personal advisors and assistants. Initially they specialized on service personnel and organizing trips. Gradually, additional services were needed from them – such as legal and financial services, asset management and so on. One of the main purposes of family offices became to convey the wealth, accumulated by family, from generation to generation. That is what classic family offices offer today.

So, how the classic family office has to be arranged? The specialists say that the successful family office has to contain minimum of four members: a manager, a lawyer (often, he or she is an accountant at the same time), an investment manager and a lifestyle manager. The responsibility of the latter is the organization of schedules and leisure-activities: parties, concert tickets and even, for example, children’s education. In addition, if it is necessary, there can be a person in the office, who will work with charity projects. The office staff works as a standalone company and may hire service staff, such as security officers or cleaners. Of course, a family office is a very expensive service, which can be reasonably afforded only by people with a wealth more than fifty millions of dollars.

The classical family offices times stay in the past and the multi-family offices are overtaking their places. The multi-family office (MFO) is the structure, which serves several families at the same time. The multi-family office helps to get all the classic family office’s services – taxes, estate planning, risk management, trusteeship, lifestyle management and other; while saving money on their maintenance. Multi-family office is always interested in getting new customers and clients, and as a result – in constant development and high quality of their services – what is a big advantage.

Anyways, the choice between family office and multi-family office depends on how big is a client’s wealth and income; certainly, each service has its own advantages and disadvantages, which we will try to describe in our next posts.

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