What is the name of your state? Pennsylvania
Two gentleman I recently befriended have begun a new business venture. They created an LLC for a property development business. They've acquired their first property and are moving quickly on some others. I have been asked to help them w/ their marketing and business plan. Though I'm their marketing guy, I'm acting as a consultant.
Since it's a brand new company and an LLC, it's my understanding that properties purchased must be done under individual names and not the business. They asked me if I had any interest in becoming a gurantor or possibly even the primary debtor to help them in acquiring additional properties. My credit is exemplary so of course this would put me at risk if they were to default. Since I'm considering this request, what would be a fair trade off in return for what I'm offering? Any thoughts about what I've discussed would be greatly appreciated!
Two gentleman I recently befriended have begun a new business venture. They created an LLC for a property development business. They've acquired their first property and are moving quickly on some others. I have been asked to help them w/ their marketing and business plan. Though I'm their marketing guy, I'm acting as a consultant.
Since it's a brand new company and an LLC, it's my understanding that properties purchased must be done under individual names and not the business. They asked me if I had any interest in becoming a gurantor or possibly even the primary debtor to help them in acquiring additional properties. My credit is exemplary so of course this would put me at risk if they were to default. Since I'm considering this request, what would be a fair trade off in return for what I'm offering? Any thoughts about what I've discussed would be greatly appreciated!