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RGMacEsq
RGMacEsq, Attorney
Category: Business Law
Satisfied Customers: 15762
Experience:  Licensed Texas General Practice Attorney
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Im on a corporation purposes as a personal guarantor. After

Customer Question

Im on a corporation for funding purposes as a personal guarantor. After funding I will be removed from the corp. Will I still be held liable by the Lenders?
Submitted: 1 year ago.
Category: Business Law
Expert:  RGMacEsq replied 1 year ago.

Thank you for using JustAnswer.

Yes, to the extent that you signed as a guarantor on contracts with third parties (the lenders), you're not relieved of those separate legal obligations merely because you are removed from the corporation. Now the lenders can "release" you from any liability (and they might do this if someone else signs on to be guarantor) but just by losing any rights in the corporation does not make you no longer liable for those debts that you personally guaranteed, I'm sorry to say.

I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** luck to you!

Expert:  RGMacEsq replied 1 year ago.

Did you have any other questions before you rate this answer?

Expert:  RGMacEsq replied 1 year ago.

Are you there? Please note that I am still here, awaiting your response or rating... (please note that rating closes this question out, so if there's nothing else, please rate it so that I can assist other customers that are waiting for answers to their questions)

Expert:  RGMacEsq replied 1 year ago.

Should I continue to await your response, or may I assist the other customers that are waiting?

Expert:  RGMacEsq replied 1 year ago.

My apologies, but I must assist the other customers that are waiting. If there's nothing else, please rate this answer. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it a 3, 4, 5 (good or better) AND press the "submit" button, if applicable.

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service as OK Service or higher. It's only then I am credited.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

Expert:  RGMacEsq replied 1 year ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

Expert:  RGMacEsq replied 1 year ago.

Did you have any other questions before you rate this answer?

Expert:  RGMacEsq replied 1 year ago.

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know.If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

Expert:  RGMacEsq replied 1 year ago.

Hello? I am waiting for your response or rating...

Expert:  RGMacEsq replied 1 year ago.

Did you have any other questions before you rate this answer?

If there's nothing else, please rate this answer. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it a 3, 4, 5 (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service as OK Service or higher. It's only then I am credited.

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