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Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31597
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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IF I open a small business and incorporate can the lease

Customer Question

IF I open a small business and incorporate can the lease holder come after my personal assists for the monthly lease if the business fails?
Submitted: 1 year ago.
Category: Business Law
Expert:  Roger replied 1 year ago.

Hi - my name is ***** ***** I'll be glad to assist.

In the event that you sign the lease as the corporation/LLC only and NOT INDIVIDUALLY, then you would not be personally liable for the debt in the event that the business fails. Therefore, your personal assets/property would not be exposed to liability.

However, if you are required to sign a personal guaranty, then you would be liable for the obligation.