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    • Click to view felix1's profile
    Posted January 2, 2010 by
    felix1 |
    Location
    Green Bay, Wisconsin
    Assignment
    Assignment
    This iReport is part of an assignment:
    In need of a Money Coach?

    More iReports you should see

    Borrowing money to your own Business

    By felix1  |  Posted January 2, 2010  |  Green Bay, Wisconsin
     

    I owned a business that I have had for the past 20 years and have always been my own "Bank"  I always financed the business by myself. I started the business with $4500.00 and I believe the business is worth about $1,500,000.00 or more. I would like to know what interest rate can I pay myself for the money borrowed. Is there a interest rate limit when you are borrowing from yourself?

     

    If so, why can credit cards charge such high interests?.

     

    Also, in the next few years, I will be most likely retiring. What is the best way of figuring out what the business is worth. As I am a retail business, with an on-line business, how does a customer base get counted in the sale of a business.

     

    Thank you

    Kathleenk

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