Legal Question in Business Law in Iowa

Re: Loan

It depends. If you're a sole proprietor or a partnership it wouldn't make too much difference anyway, because the creditors would have a direct road to all your assets, personal included.

If you have a corporation, you would be a mere creditor unless you secured it with some property.

The problem here would be what do you do when/if the business fails or goes bankrupt. You can't pay yourself off first before all the other creditors, and you can't cook up a plan to hinder, delay or defraud your other creditors, and that's what it might look like.

I've done a bit of legal work for small scale businesses in Iowa and I'd be happy to discuss the matter further if you ever find yourself up this way.