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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 113505
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I have three locations. One location, we pay too much rent,

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I have three locations. One location, we pay too much rent, durrently 7K a month while they now offer the vacant spaces surrounding us for 4K. They agreed to reduce rent temporarily but we still have to pay it at the end of the lease. Business has not gotten better and we"re always playing catch up with rent. If we just closed doors, i have one location right across the street with the same business name, are they able to go after us for the remainder of the lease? we are a sole proprietos, we have absolutely no assets, we have bad credit (due to real estate investments) Although i would say that the other two are viable businesses.
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 6 years ago.
If the lease is in your business name, they could seek to sue the business itself for the damages and this means it can come out of the remainder of the locations, unless they are set up as completely separate business entities. If you walk away from your lease, they can still come after you for the balance of the lease due. If you are set up as a sole proprietorship then they can sue you personally as well and it may end up with you having to put everything into bankruptcy including yourself to avoid having to pay the money to creditors.

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