Nevada  |  Credit and Debt Law

Legal Question

Asked on: 6/17/13, 9:02 am

If you are a member of a limited liability company and the bank issued a credit card to another member with you as personal guarantor, can you personally be held responsible for this card of that member defaulted?

1 Answer

Answered on: 6/18/13, 6:35 pm by Rick Williams

Your question is a little unclear. If the card was issued to the LLC as the holder of the account, you, as a member, are as responsible for the debts of the LLC as another member. If another member took out the card in his/her name, there is no direct connection to the LLC and neither it nor you are primarily responsible for the debt. In almost ANY case, though, if you truly are shown as a personal guarantor of the card, you are on the hook if the primary holder defaults. That is the whole purpose of having a guarantor of the debt - to enable the bank to collect from someone.

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Law Offices of Frederick D. (Rick) Williams, Chtd. 5515 Wedekind Rd Sparks, NV 89431-1147

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