Legal Question in Business Law in Florida

Loans taken by a corporation

I am a business owner who secured two loans from private individuals to help with a real estate investment purchase in 2006. Shortly thereafter, the market crashed and the property ended up being foreclosed on. The loans were taken in perfectly good faith but there is no longer any asset to back them up. Given that my business has no other assets, is there any real risk to me, other than a judgment against my company, if these debts go unpaid? Naturally, the lenders want their money back and, while I have made good attempts to pay back their loans, it is getting tougher to do so and I would like to know where I stand if I should need to stop paying them back.


Asked on 5/20/09, 12:01 pm

2 Answers from Attorneys
Robert Roemer Robert Roemer

Re: Loans taken by a corporation

It depends on the structure of your business; LLC, S Corp, Corporation,etc.; and whether you signed any agreement as a personal guarantor or personally liable if the business defaults.

Any further questions, feel free to e-mail me your telephone number and a good time to call.

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Answered on 5/20/09, 12:51 pm
Alan Wagner Wagner, McLaughlin & Whittemore P.A.

Re: Loans taken by a corporation

It depends on how your business is structured and whether you have any personal guarantee. It may also depend on what you did personally in obtaining the loand for the company.

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Answered on 5/20/09, 2:08 pm


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