What is the name of your state?Missouri
i got a strange question....what would happen, legal or otherwise if i had just started a business and i had a friend join me as an employee. however, he is just getting paid upon doing certain things. he hasn't filled a 1099 or a w-4, he is just doing this as a friend. now, if he signs a personal guarantee to secure us a loan or lease or whatever the case may be. what would happen to him if the company doesn't fulfill payment even though he isn't legally an employee? i assume regardless of that, he is still liable? also, what could be done to reaffirm the loan or lease, etc. in my name or possibly the company's name if that is possible? i suppose that may depend on the type of business? i heard about corporate guarantees can be used instead of personal guarantees?
thanks in advance.
collins
i got a strange question....what would happen, legal or otherwise if i had just started a business and i had a friend join me as an employee. however, he is just getting paid upon doing certain things. he hasn't filled a 1099 or a w-4, he is just doing this as a friend. now, if he signs a personal guarantee to secure us a loan or lease or whatever the case may be. what would happen to him if the company doesn't fulfill payment even though he isn't legally an employee? i assume regardless of that, he is still liable? also, what could be done to reaffirm the loan or lease, etc. in my name or possibly the company's name if that is possible? i suppose that may depend on the type of business? i heard about corporate guarantees can be used instead of personal guarantees?
thanks in advance.
collins