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"If I am the "guarantor" of loans does that make me personally responsible " Yes, emphatically yes. You have "personally guaranteed" the debt. Banks have gotten wise to the fact that everyone and his kid brother knows you form a corporation (or LLC, etc) in order to protect your assets. And a closely held company that really is nothing more than the owner will not get much financing without a personal guarantee. So if you signed the loan as such, do not make any plans to bleed the corporation dry and leave the bank hanging.

by Herrmann

2 months ago

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