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Never Sign a Personal Guaranty for Your Company

Never Sign a Personal Guaranty for Your Company
Tainted Joe - Thu Nov 08, 2012 @ 08:25AM
Comments: 22

If you are an employee for a business, be it a sole proprietorship, a partnership, an LLC, a corporation, a non-profit agency or what have you, it is bad enough your wages are low and your health plan has way too many copays, and your 401k hasn't been matched for years now. So, don't ever make things worse for yourself by signing a personal guaranty on behalf of your employer. They simply don't pay you enough, and they know it.

First, let's talk about what a personal guaranty is all about. Essentially it is a document that says the person signing is individually responsible for whatever debt or obligation is being incurred. This means that should a vendor, supplier, service supplier or whomever hand you a personal guaranty to sign before they can either do work for you or ship you something, what they are really doing is asking the person signing the personal guaranty to be responsible for their own company's debts or obligations. This means that if you sign the personal guaranty and your company doesn't pay its bills, they can come after you, sue you and take your money. It is totally ironic, but it is possible that if you had to pay on a personal guaranty you signed on behalf of your company, and you were sued and couldn't pay the judgment, then your wages could be garnished. Your employer would be taking money out of your check to pay its own darn debts! Crazy huh? So what is the point you need to leave this article with? Never sign a personal guaranty! It is your company's responsibility, not yours! Remember, the slave drivers don't pay you enough.

Second, let's assume you know everything we've already discussed. You know not to sign a personal guaranty. You aren't that out of touch with the reality of how most financial transactions work. Here is what you need to keep in mind, even if you know exactly what a trap a personal guaranty can be. Too often, at work we just sign away at forms without reading them. There is just too much paperwork and too little time. So, beware, always at least scan any document your read to make sure you aren't personally obligating or guaranteeing a debt just by putting your signature somewhere. Often, personal guarantees are hiding, and quite often they are found in Credit Applications. Credit Applications are where a bulk of the personal guarantees you need to be watching out for are hiding.

Comments: 22


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