The New Lawyer Q&A
May 21, 2013
Question 6
BANK LOAN
Software Inc. obtained a $100,000 business bank loan from National Bank. It appears that Software is the principal obligor on the loan and is liable to National Bank for repayment. The question remains whether Molly and Lenny are also liable to repay the bank loan. That depends on the legal entity Molly and Lenny formed.
Corporation
Corporations must be created in compliance with state l...
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