Both are responsible until paid in full. It will also be on both credit reports as well.
it is a debit balance because it decreases owner's equity, which has credit balance.
Check your title paperwork. If the cosigner is listed on the title then you are co owners. If the cosigner is not listed on the title then you are the only owner. More times than not a cosigner is also listed on the title.
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
owners capital is liability of business that's why it is credit balance.
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
Common stock is a portion of capital of company and capital has a credit balance that's why common stock also has a credit balance and shown under owner's equity portion under liability side of balance sheet
No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.
No, Owners investment has credit balance and these are liabilities for business that's why it is gone to balance sheet
The Liablilities, the revenue, the accumulated depreciation, the Owner's equity.
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.