Me and a friend want to start a business and this is an important concern for us because we dont want to be paying off a loan for a really long time if the business fails.
You might want to check that out before you decide what type of business to establish: partnership, LLC, etc. That will make a big difference in your personal liability. Don't plan to fail! Plan to succeed, and make it happen!!
This probably varies from state to state. Consult your local SBA about the nature of the loan before signing any papers.
|
