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Question 11
Marcelino set up a business in which he was the primary shareholder, Boxing Stars, Incorporated (BSI), to market boxing gear
and clothing. The company that leased Marcelino the retail space for BSI to do business demanded that Marcelino sign a
document agreeing to pay them out of his personal assets if BSI defaults on the retail lease. The document that Marcelino
signed is known as a
O personal indenture.
O personal guarantee.
O corporate veil.
O debt conveyance.

Question 11 Marcelino set up a business in which he was the primary shareholder Boxing Stars Incorporated BSI to market boxing gear and clothing The company tha class=

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The personal guarantee corresponds to the document signed by Marcelino as a contractual protection.

What is the personal guarantee?

It is a legal protection for credit-issuing companies, which guarantees the responsibility for paying debts with the use of the individual's personal assets if the contracting company is unable to bear such expenses.

Therefore, the personal guarantee is a form of legal protection guaranteed by a risk reduction contract to business partners.

Find out more about contract here:

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