Many banks and similar lending institutions require that the chief executive officer (CEO) of small corporations (which
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Many banks and similar lending institutions require that the chief executive officer (CEO) of small corporations (which usually are owned by the CEO and a few relatives) cosign any loan made to the corporation. If the corporation goes into bankruptcy, to what extent is the CEO responsible for repaying the loan? What assets can the CEO lose? Assume that the loan is used exclusively by the corporation.
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ANSWER When a CEO or any individual cosigns a loan for a small corporation they become personally responsible for the repayment of the loan in the eve...View the full answer
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