by Karin on April 28th, 2009

Karin

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I personally signed a credit application for my business, putting down my business EIN number and not my personal SS number. Now I am being sued for having taken over personal guarantee for unpaid business bills? Is that legal?

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Answers. 3 helpful answers below.

  • by Yarnlady is happy every day on May 28th, 2009

    Yarnlady is happy every day

    If you bought a business from someone else, I hope you used a lawyer. If not, get one now. Read the purchase agreement, because that is what you have agreed to.

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  • by JakobA I^_^I the alooney on May 28th, 2009

    JakobA I^_^I the alooney

    When you buy a business you buy BOTH the assets and the liabilities of that business, so yes, it may well be legal.

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  • by Shemarq the Wamama on May 28th, 2009

    Shemarq the Wamama

    Are you a principal in the business? Is the business a sole propietorship or partnership (not incorporated)? Are you the primary manager? If you answered yes to any of these, I would strongly suggest talking to your attorney (or your company's attorney) right away.

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