What Is a Personal Guarantee? The term personal guarantee refers to an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance. Personal
What Is a Personal Identification Number (PIN)? A personal identification number (PIN) is a numerical code used in many electronic financial transactions. Personal identification numbers are usually issued in association with payment cards and may be required to complete a transaction. The purpose of a personal identification number (PIN) is to add additional security to
Personal injury protection (PIP), which is also called “no-fault insurance,” covers medical bills and related costs resulting from an accident, no matter who caused it. What Is Personal Injury Protection (PIP)? Personal injury protection (PIP), also known as “no-fault insurance,” is a component of an automobile insurance plan that covers the healthcare expenses associated with
What Are Interest Rates on Personal Loans? Personal loans are a type of closed-end credit, with set monthly payments over a predetermined period (e.g., three, four, or five years). Interest rates on personal loans are expressed as a percentage of the amount you borrow (principal). The rate quoted is the nominal annual percentage rate (APR)
What Is Personally Identifiable Information (PII)? Personally identifiable information (PII) is information that, when used alone or with other relevant data, can identify an individual. PII may contain direct identifiers (e.g., passport information) that can identify a person uniquely, or quasi-identifiers (e.g., race) that can be combined with other quasi-identifiers (e.g., date of birth) to successfully
What Is the Personal Property Securities Register (PPSR)? Personal Property Securities Register (PPSR) is an online, widely published record of any legal claims to personal property used as loan collateral in Australia. The Registrar of Personal Property Securities, which is part of the Australian Financial Security Authority, oversees the PPSR. As of a law effective
A personal service corporation is a corporation that is created to provide personal services to individuals or groups. Such services span a wide variety of professional business endeavors as specified by the Internal Revenue Service (IRS) (see below). For these C Corporations to be considered a personal service corporation by the IRS, the employee-owners must
What Is a Personal Spending Plan? A spending plan is an informal document used to determine the cash flow of an individual or household. A personal spending plan, similar to one’s budget, helps outline where income is earned and where expenses are incurred. When paired with a financial goals worksheet, the personal spending plan can
What Is Per Stirpes? Per stirpes is a legal term that may be included in a last will and testament to explain who will inherit assets if a beneficiary passes away before the testator, the person who has created the will. With a per stirpes distribution, the beneficiary’s share of the estate will pass to
What Is a Program Evaluation Review Technique (PERT) Chart? A program evaluation review technique (PERT) chart is a graphical representation of a project’s timeline that displays all of the individual tasks necessary to complete the project. As a project management tool, the PERT chart is often preferred to the Gantt chart because it identifies task dependencies.
