Legal Question in Business Law in Iowa
Business law- personal guaranty
Most suppliers that I apply for a credit account want me to sign a ''personal guaranty'' form. Should I? If I don't I assume they may not extend me credit.
Asked on 7/09/08, 12:21 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: Business law- personal guaranty
It is certainly up to you. Whether or not they will extend you credit will depend on the supplier. The personal guaranty is your agreement that you will be personally responsible for the debt if your corporation or LLC does not pay the bill.
Answered on 7/09/08, 1:06 pm
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