business partners

Business Owners Unaware of Business Partner Debts

The results of a survey published by online directory suggest that one in three business owners were unaware of their business partner’s debt, while roughly the same number admitted they had been lied to about the state of a business partner’s debt. More than 20% of respondents said they had found themselves caught up in “financially unsound business relationships” after failing to study company credit reports. More than three-quarters (77%) neglected to research a business partner’s financial history by obtaining a business credit report. Such reports detail a businesses’ financial health and history by outlining county court judgments, which stay on the register for six years. Dominic Blackburn of said: "We advise businesses to use a com... »