My partner in a small business got a business loan and personally guaranteed it, question about this? related questions

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My partner in a small business got a business loan and personally guaranteed it, question about this?0Helen2012-08-26 05:43:03
The loan was in the name of the company , but the loan officer made ​​him sign a personal guarantee on it . The loan was for $ 25,000 and now is saying , because he personally guaranteed the $ 25,000 that is being used as start-up towards money and percentage of the company that owns , even though the loan was in the name of companies . Can you use this $ 25,000 to property of the company , or to be used for operating costs and what not? The company is only worth about $ 60k , so this extra $ 25k you're getting a much more substantial amount of property.
Is there small business financing available that will not effect you personally if your biz if it goes under?0Quenna2012-10-12 11:03:51
I want to open an ice cream shop in my area , but I will not put my home up for collateral on a loan or if the business goes bankrupt so that the lender can come after my personal assetts . Is there funding available ? Or anyone know of grants to open a store .
If my small business files bankruptcy or gets into trouble, am I personally liable?3Dilinda2012-08-23 14:45:02
I'm thinking about starting a small business and take out a loan or use a business credit card . I was wondering, if my business does not in any way affect me personally?
If my small incorporated business declares bankruptcy, will I be personally, financially responsible?0Apfe2012-09-10 10:30:02
If I am the "guarantor " of the loans is that makes me personally liable if the company does not cover the loan ?
Can anyone tell me how to go about getting a small business or Guaranteed gov. loan?0dexter2012-09-01 03:07:04
Can anyone tell me how to go about getting a small business or government guaranteed . loan?
Can I get a small business loan for myself, with a partner investing 50% upfront?0maths2012-10-14 09:31:35
I'm thinking of opening a gym with a business partner who already has the means to put in 50% . We intend to create a very solid business plan through my MBA program . MedlinePlus MedlinePlus What is ? Probability / possibility of me being able to get a small business loan for me 50% without investing any of my own money (which I have ) , considering that my partner is putting in 50% I have no debt except student loans .
How can i find a small business investor or partner?1Corrie Hagen2012-11-02 23:08:02
Hi . I have 26 years and a student. I got this amazing idea of a clothing store with some great trick , but I have no money . I have fear of bank lending , and none of my friends or family , is rich to help me . How I can find a good investor or partner to help with finances and the cause of having a share of the rent ? thank you! !
If you got a small business loan but gave the whole amount to your partner in the form of a check how can you?3Melusi2012-09-21 13:40:04
If you have a small business loan but did not give the total amount to your spouse in the form of a check how do you make your partner liable for the payment?
Personally guaranteed lease?1Karry2012-10-08 15:27:02
I have a lease personally guaranteed business for a small retail business . When I signed the lease, who owned a home with my husband . He did not sign the lease. We bought a new house , however , the loan and the title is in your name alone . If I break the lease , you may touch the house ?
Business partnership, individually guaranteed loans, and small claims lawsuits. What are the responsibilies?1Gerrad2012-11-03 12:43:03
When two business partners, getting a loan for which both are individually responsible, and a demand to another court meanwhile decided to return the loan, how does this affect the terms of the original loan? Also, if the partner who received the money of the judgment not to use the money received to pay the loan for which the judgment, and the loan company is carrying out the partner who paid the judgment for the total amount paid to them, what recourse is there? My situation is this: In 2007, my partner and I took out a micro-business loan in the amount of $ 10,000, which in turn is explained by the agent of loan is guaranteed by the company. In fact, the document was written so that my partner and I personally guaranteeing the scheduled payment of the loan. During the first six months thereafter, my partner and I made payments through the profits of our business. After leaving the business due to the questionable legality of some of the practices of my partner, tried to sue me for the entire loan balance. The judge granted an amount equal to 50% of the loan, less the payments he had made personally, since he left, for a total of $ 4,363. I started paying my ex-partner installments, with which then paid the loan company, until January 2009, at which point he stopped making payments to them entirely, while still receiving payments from me. In May this year, I paid off my view of him, and now found the original debt in the collection in my name, no payments have been made since December 2008, and an outstanding balance for totaling more than $ 7,600. It is clear that some resources must be available to me as it is not liable to pay the same debt twice, but I do not know what to do. Simple comments like "advocated" are not constructive, at least it can provide additional details about a course of action, please refrain from making such comments.
Me and my business partner are looking to open a car service/ small dealership, where do i find money to do it0Xan2012-09-15 20:47:05
We do not have much money to start with and no one to borrow. Where do I start looking to find investors or loans or subsidies to some Chicago area ? MedlinePlus Any help would be greatly appreciated! MedlinePlus thanks
Am i right to stop paying for a business debt if my ex business partner will not provide the bank statements?3EricB's2012-11-04 02:17:02
I used to be a business partnership with my sister, no trade agreement was signed, and my name is not on any bank account or credit card, etc agreemnet separate ourselves from the company on June 30 last year, took half a customer of each. i have been paying a sum of money each month in the past trading account to cover outstanding debts. My sister and I no longer speak due to unrelated issues, has moved house and not know where I live, I text message and asked copys of all bank statements and outstanding balances on my records , has refused to let me copys of the statements , saying the business is no longer operational , is my business , even though the bank account is still in operation and has check books and cash cards for him , so I left to pay my half , I 'm putting this in a savings account for safe gaurd myself! Am I wrong to want to know that the debt is paid Beng, and I have the right to see the statements if my name is not on it?

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