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    1 Reply Latest reply on Jul 7, 2010 8:56 PM by dontodrin

    Business loan default vs Personal Loan Default

    blackcore Newbie
      What's the difference between business Loan Default vs. Personal Loan Default?
        • Re: Business loan default vs Personal Loan Default
          dontodrin Newbie
          A business if organized as a corp or an LLC is a tax paying entity, a 'person' of sorts and can be sued and can sue. thus if a business takes out a loan it is a business loan and owed by the business. A loan taken out by a person is a personal loan and owed by the person signing the note. The only way a person can be held liable for a business note is if the person guaranteed the note which frequently happens.