Personal Gurentee
Hello,
someone and I entered into a partnership and formed an s-corporation in california. We needed to lease a piece of equipement. The company that offered us the lease needed both of us to sign a personal gurentee forms as part of the process to getting the lease approved and they did. We were not fully comfertable after all taking on such large liability. However, two months later my partner without my full agreement signed the lease alone by himself being the president of the corporation. Also, there was no written board meeting minutes to approve such lease. Now is he the only one liable for the lease if the corporation defaults? Thank you in advance,
Re: Personal Gurentee
The purpose of creating a corporation is to avoid liability in the event the business fails. It is not clear from your question whether you signed a personal guarantee or not, If you did then you could have personal liability. If you did not, then you probably would not have any personal liability.
Re: Personal Gurentee
The purpose of creating a corporation is to avoid liability in the event the business fails. It is not clear from your question whether you signed a personal guarantee or not, If you did then you could have personal liability. If you did not, then you probably would not have any personal liability.
