property owner

What is a Personal Guaranty and Why is it Needed?

ou want to start a small business - you have the perfect idea, people willing to invest in your plan, and people you know you will be able to work with to make your product or service viable. To put the frosting on the cake, you’ve now found the perfect location for your business. But one thing you didn’t know was that you would be asked to make a personal guaranty on the property. What is a personal guaranty? Why is this a big deal?