Legal Question in Business Law in Illinois

Guarantor liability

If I signed the personal guarantees for a company which I own along with two others, am I solely liable for the debt?


Asked on 1/08/07, 5:15 pm

1 Answer from Attorneys
David K. Staub Staub Anderson LLC

Re: Guarantor liability

Unless the company is a general partnership, if you do not have a contribution agreement with the other two owners, then you will probably be stuck with the whole debt yourself. The contribution agreement is often a stand-alone document but is sometimes incorporated into another agreement such as a shareholder agreement, a partnership or an LLC operating agreement.

David K. Staub, an Illinois business attorney

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Answered on 1/08/07, 5:35 pm


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