Legal Question in Business Law in Iowa
I run a small staffing agency that operates as an LLC. I am trying to get expansion capital from a bank and the SBA to hire more employees. If the unthinkable happens and the business goes under, can the bank and SBA come after my personal assets if the business defaults on the loan?
Asked on 6/18/12, 10:34 am
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Generally they will require that you sign a personal guarantee, so the answer is, probably yes.
Answered on 6/18/12, 1:26 pm
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