NewCo is a start-up venture applying for a bank loan. Because NewCo has no assets, the bank
Question:
NewCo is a start-up venture applying for a bank loan. Because NewCo has no assets, the bank asks the owners of NewCo to pay back the loan from personal assets only in the event that NewCo defaults. Which of the following best describes the role of the owners in this loan?
a. Creditors
b. Debtors
c. Sureties
d. Guarantors
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Step by Step Answer:
d Since the owners are only secondarily liable they are gua...View the full answer
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Related Book For 
The Legal Environment Of Business A Managerial Approach Theory To Practice
ISBN: 9781259686207
3rd Edition
Authors: Sean P Melvin; F E Guerra-Pujol
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