Legal Question in Business Law in California

Re: unsecured loan line of credit

None of the facts mentioned positively determines whether you will be personally liable or not; that will be a matter of contract between you (not the corporation) and the bank. Look for portions of the loan documentation where you are asked to sign in your personal capacity, rather than as an officer of the corporation.

However, under the circumstances, I'd say it is 99.75% likely the bank is NOT going to make an unsecured loan to a corporation without a high D&B rating and a credit history of its own. Inquiring for your SSN and credit scores strongly suggests they are preparing a personal guarantee to include among the loan documents.

If you do get an unsecured loan without a personal guarantee, please send me the name of the bank; I have a half-dozen business clients that would like to apply there also!

Re: unsecured loan line of credit

Read the loan agreement - but most likely, yes, if the lender is asking for that info., they are also asking for your personal guarantee - if in doubt, ask them.