Should I Sign That Personal Guarantee?

Описание: A personal guarantee arises often when your business looks to borrow money. Many times, if you are looking to get a loan (like a PPP loan), the bank that you are dealing with will also want you to sign a personal guarantee. But that's not the only place they are used. It can also be common in certain types of contracts between businesses that one business will seek a personal guarantee as part of a contract. For many clients, this can be confusing (since one purpose of your business is to insulate you from having to be liable for business debts), especially when they are given a contract with a long and convoluted guarantee attached as Exhibit A. Before you sign off on that guarantee, if you have questions, it's a good time to speak to an attorney to make sure it's something you really want to sign.

#personalguarantee #smallbusiness

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