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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4522
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I signed a personal guaranty business and now are being

Customer Question

I signed a personal guaranty for the business and now are being deposed and they want everything held jointly such as Tax returns and jointly held checking accounts. Am I required to produce such documents for the deposition.
Submitted: 1 year ago via LawDepot.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax, and can assist.

Could you explain more behind your guarantee, and who is pursuing you regarding your guarantee?

Customer: replied 1 year ago.
The lawyer representing the plaintiff in the case. It was a personal guarenty on a lease. My wife was not involved in the company in any way. Not even a stock holder.
Customer: replied 1 year ago.
Are you researching for the answer.
Expert:  PDtax replied 1 year ago.

OK, so you guaranteed a lease, I assume for a building. The business failed, and you are being looked to to honor your guarantee.

This is a business law question, but I can assist. You likely do have to disclose your net worth, so the attorney can assess your ability to pay. I suggest that if you haven't engaged an attorney, that you do so before responding. Do not respond in any form without legal representation.

Expert:  PDtax replied 1 year ago.

Your attorney will assess any insurance that might cover the claim, the validity of the guarantee ( a guarantee without consideration might not rise to the level of a contract), and other resolution options.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

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