personal guarantee

Definition

Promise made by an entrepreneur which obligates him/her to personally repay debts his/her corporation defaults on.

Use personal guarantee in a sentence

They made a personal guarantee that everything would work out fine and I agreed with them and decided to take them up on their offer.

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Upon entering into a lease transaction with the property owner he requested I execute a personal guarantee in the event of non payment by my company.

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Since Bill was not ready to dive into making his business an LLC, he found himself in a position of having to make a personal guarantee on the debt for new equipment for the company.

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Personal Financial Specialist guarantee