After starting a business, you may find that you need to sign a personal guarantee when taking out a business loan or opening a business credit card. This guarantee basically means that you’ll be personally liable for the debt if the business is unable to pay it back — a situation that could put your personal assets at risk. Once you establish business credit, you may qualify for a business loan or credit without a personal guarantee.
Schedule a consult with the attorneys at Main Street Law for additional guidance.