What Are the Three General Forms of Legitimacy That Small

question 60

Essay

What are the three general forms of legitimacy that small businesses can develop?

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Definitions:

Collateral

Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to make the required payments.

Debtor

A person or organization that has a debt or financial liability to another entity.

Perfection

A legal process that gives a secured creditor priority over claims from other creditors regarding a debtor's asset.

Collateral

Assets pledged by a borrower to secure a loan or other credit, which can be seized by the lender if the borrower defaults.