Legal Question in Business Law in Virginia
Loan from by 401k plan to a small business
I provided a loan to a small business from my corporate retirement plan. the prinicpal has been paid but no interest.
My business has since closed as did mine. What's the legal options to recover the interest?
Asked on 9/10/07, 12:18 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: Loan from by 401k plan to a small business
If the small business owner personally
guaranteed the loan, you could likely sue him or her for the interest still owed in small claims court(up to $5000).
Answered on 9/17/07, 10:07 am
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