What is a Personal Guaranty Anyway?
Often, even though you have formed a corporation or LLC, the landlord wants you to sign a personal guaranty – a document stating that the company owners will guarantee payment of the rent and performance of all of the tenant’s obligations. This promise of the owners to make good the obligations of the entity is called a personal guaranty. Personal guarantees are common in real property leases, promissory notes and other large contracts of a business. What, then, is the point
