Your business: understanding the implications of signing surety for business debt
John was the owner of a successful picture framing business built up over many years. Like most entrepreneurs, John needed external funding to start up his venture, and signed surety for a bank loan to help his business grow. Unfortunately, John did not put any protective measures in place to secure his debt, and when he passed away unexpectedly, his business not only had to be closed down, but his executor had to repay the loan from his estate, leaving his family in dire financial straits.