Hi Gautam, the best thing to do in your case is to contact a lawyer. Such clauses can have different meanings and effects in different countries.
In a lot of countries it also depends on the type of business you have registered. Even if they have such a clause, but you registered a business where you take no personal liability, they cannot demand the money / assets. Once again: the best thing you should do in this situation is to contact your lawyer. Even if you have a relatively new company with much less income it is worth to have a lawyer who can give you advice. Best, Rafael *currently free for a dev job* On 05.08.2010, at 20:46, Gautam Godse <[email protected]> wrote: > hi all, > > I am trying to setup a merchant account for online CC transactions for my new > startup (www.gingercube.com). The product will be a monthly subscription > based service. > > We are a new company with less than couple of months of existence and > financial history. > > So when we applied for a merchant account with ChasePaymentech (using > Spreedly.com as our front end biller) their application form has a Personal > Guaranty clause that essential states that if the corp (gingerCube Inc) goes > under, then the merchant can come after our personal assets for any > outstanding payments that they are owed. > > Is this a standard clause ? Do most merchants require this ? > > And is there a better alternative for what we are trying to achieve ? > > Thanks for your help! > --- > Gautam Godse > MacMessiah.com > > > > ------------------------------------ > > MacSB email guidelines: http://tinyurl.com/2g55d6 > Use MacSB-Talk for off topic messages: > http://groups.google.com/group/macsb-talk > Yahoo! Groups Links > > >
