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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?

By Karin Asked Apr 28 2009 9:21AM
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by JakobA lo_0l on May 28, 2009 at 10:19 pm Permalink

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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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Answer 2 out of 3

by Shemarq feels like changing it up on May 28, 2009 at 10:13 pm Permalink

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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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by YARNLADY is happy everyday on May 28, 2009 at 10:23 pm Permalink

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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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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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