Protection

Viewing 4 posts - 1 through 4 (of 4 total)

JULES1
Participant
@jules1
Join Date: 2003
Post Count: 147
April 29, 2005 - 7:58 am
Steve
if you have to give a personal guarantee to the lender when using a company whether with a trust or not, how can this be protecting your assets??
I just don’t understand the concept of giving the personal guarantee when purchasing as a company. Is it necessary???
If so, what if everything goes belly up and your house & other personal assets are up for grabs??
would love clarification
cheers
JULES1
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Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
April 29, 2005 - 8:26 am
If the company does not have sufficient history to borrow, it is always necessary. When a company can show at least two years of profits sufficient to service a debt, the guarantee may not be required.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.au

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Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 2, 2005 - 3:40 am
Didn’t you already ask this question????
Trusts will help protect you from outside attacks. If borrowing money, personal guarrantees will be required.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
JULES1
Participant
@jules1
Join Date: 2003
Post Count: 147
May 2, 2005 - 7:21 am
Thabks guys
Yes asked it before but got a cryptic answer, so tried again with better results.
cheers
JULES1
Email Me