Legal Question in Business Law in New York
Protecting my personal assets and business loan
I currently have a company set up as a corporation. I funded the investment thru money I had. I am now looking to obtain a non-secured business loan to reimburse the money I put into the business and place the risk entirely under the business - just in case. Will borrowing money under the business put the risk totally under the business and off me personally. Also with an unsecured business loan will they expect me to personally guarantee these funds. Is there any other way to handle this.
1 Answer from Attorneys
Re: Protecting my personal assets and business loan
Technically there should be no personal liability but if the business has no assets and a short history you may well need to personally guarantee the loan.
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