Business Law

Ask a Business Lawyer. Get Business Law Questions Answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

Business Law

All members of an LLC (and also all partners in a related

Customer Question
partnership) are signing limited Personal...
All members of an LLC (and also all partners in a related partnership) are signing limited Personal Guarantees for up to 75% of their pro-rata share of a bank loan (in addition to the collateral). The question is do all guaranty agreements have to be the same for all partners or can or the bank allow for some to signed modified versions of the documents. I'd like to know that everyone is signing same document that I am. Does the bank have to disclose the forms signed by others if I request?
Submitted: 1 year ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 6 minutes by:
7/21/2016
Business Lawyer: J. Warren, Attorney replied 1 year ago
J. Warren
J. Warren, Attorney
Category: Business Law
Satisfied Customers: 2,250
Experience: Experience in general business transaction and formation matters.
Verified

Hello and welcome! My name is ***** ***** I am an attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

A bank does not have to disclose the amount each is personally guaranteeing although this is usually not kept confidential and is known by all members. A bank is unlikely to allow different amounts of guarantor amounts as each guarantor is jointly and severally liable for the amount of the loan. In other words, the bank can go after each for the amount owed and let them battle out who owes what, but the bank wants to be able to recover the entire amount of the balance from anyone of the members. This typically results in each guarantee the same amount of money.

For example, if the bank is owed $100,000 and there are 4 members, each are guaranteeing $100,000 not $25,000. The bank could allow this but very unlikely and I have never seen it done.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer at the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

Ask Your Own Business Law Question
Business Lawyer: J. Warren, Attorney replied 1 year ago

Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. Pressing a positive rating will not cost any additional money - it is simply the trigger used by Just Answer to pay me for my time (pressing the middle star or the fourth or fifth star on the right are all positive rating buttons). I am simply touching base. Let me know. Thanks!

Ask Your Own Business Law Question
Ask J. Warren Your Own Question
J. Warren
J. Warren
J. Warren, Attorney
Category: Business Law
Satisfied Customers: 2,250
2,250 Satisfied Customers
Experience: Experience in general business transaction and formation matters.

J. Warren is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
When a partnership owns a business and one of the partners
When a partnership owns a business and one of the partners works in the business is that partner considered an employee?… read more
LegalGems
LegalGems
Juris Doctorate
10,717 satisfied customers
In California, can I close a partnership account. And if my
Second opinion] In California , can I close a partnership biz account. And if my partner opened up a dba with a bank using this companies name and I close it will his dba still be "good"?… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,698 satisfied customers
In California, can I close a partnership account. And if my
In California , can I close a partnership biz account. And if my partner opened up a dba with a bank using this companies name and I close it will his dba still be "good"?… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I need help with a business partnership dissolution. I can
I need help with a business partnership dissolution. I can give a detailed account of what I am asking on this or should I wait until I am connected with a lawyer?… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
My business is registered in Delaware as an LLC with a
Hi Pearl, my business is registered in Delaware as an LLC with a partner. My partner is no longer with the company. I would like to move the business to PA where I live. I am also changing the name of… read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
1,002 satisfied customers
My partner is a 50% owner, in partnership with her
Hi, My partner is a 50% owner, in partnership with her ex-husband, of an LLC registered in California, The company owned several properties which have all been sold and proceeds have been distributed.… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I have an LLC question. Texas. I have an official LLC. I'm
I have an official LLC. I'm opening my own restaurant and everything is solely in my name and under my own LLC … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Can the president of a partnership not send a check to a
Hello, can the president of a partnership not send a check to a shareholder because the shareholder does not reply via email, text or phone if he or she has received the check from the president? … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,720 satisfied customers
I am in a limited partnership and all of the utilities are
I am in a limited partnership and all of the utilities are in my partners name. We have fuel cards for our trucks also. They are in his name. I own four of the 18 wheelers in the Fleet myself and my p… read more
Alex Esquire
Alex Esquire
Managing Attorney
Doctoral Degree
153 satisfied customers
Is there a rule which requires that a corporation (or LLC)
Is there a rule which requires that a corporation (or LLC) must have a lawyer in a civil case?… read more
Damien Bosco
Damien Bosco
3,390 satisfied customers
If an LLC is established as XYZ LLC and they would like to
If an LLC is established as XYZ LLC and they would like to set up a non-for profit Corporation under it. How should they proceed? If the NPLC is dissolved, what happens to the assets? Can he NPLC be c… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I am the 20% owner of an LLC partnership and my partner
I am the 20% owner of an LLC partnership and my partner (super majority) has not paid me for work done in 12 weeks. Our business agreement states that a member can resign with written notice but I wan… read more
KLAW
KLAW
Juris Doctorate
1,770 satisfied customers
Can a LLC formed in Colorado become a partner in a
Can a LLC formed in Colorado become a partner in a California Limited Partnership? … read more
socrateaser
socrateaser
1,031 satisfied customers
I am in a Partnership LLC in PA and my business partner has
I am in a Partnership LLC in PA and my business partner has never paid me her share of the initial purchase of inventory as I paid for it on my personal credit card. Since she has never paid if it her… read more
LegalGems
LegalGems
Juris Doctorate
10,717 satisfied customers
If an LLC (A LLC) in Utah has as the only member as another
If an LLC (A LLC) in Utah has as the only member as another LLC (B LLC). If B LLC failed to renew and has an expired registration as 5/30/2017. Is A LLC not defunct under Utah Code 48-3a-701 (3), beca… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,385 satisfied customers
THe other member of a two member LLC abandoned the LLC
THe other member of a two member LLC abandoned the LLC leaving me with no financial data that is reliable and actually took some assets worth some $700+. I filed a small claims action but it has taken… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
3,720 satisfied customers
I'm wondering if I can end a partnership LLC but still run
I'm wondering if I can end a partnership LLC but still run the business... I have 70% / other person has 30% and doesn't do anything. Plus the initial agreement was about one type of business, and I s… read more
Legal Expert Justin
Legal Expert Justin
Law Degree
229 satisfied customers
I had a 50/50 partnership LLC in Georgia and we have now
I had a 50/50 partnership LLC in Georgia and we have now sold the property. My partner rented the building from the LLC. When I received the last bank statement I noticed that he had failed to pay the… read more
RGMacEsq
RGMacEsq
Attorney
Doctoral Degree
751 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x