Unsecured startup loan for an LLC?
If i was to be approved for an unsecured loan for a business venture and my company was an LLC, and for some reason the business venture failed. The bank will naturally sue me to reclaim my assets. But they cannot touch my personal assets such as my home or car if the loan was aquired through my company right?
- 1 decade agoFavorite Answer
If your LLC is approved your personal assets are safe.
If YOU are approved your personal assets are at risk.
Typically a lender will require personal guarantees for a loan to a startup.
Hope this helps
- 1 decade ago
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