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I had a business that I recently closed down after being open for 3 years due to financial failure. I wrote my security system company ADT that I would be terminating the service. I was told that I had signed a 5 year contract with a 90% early termination penalty. So, basically, I'm supposed to pay them for 2 years of service which they won't be providing. My LLC will be dissolved in the next week and the contract was signed under the business name with no personal guarantee. Does ADT have any legal leg to stand on ?
State/Country relating to Question: North Carolina
If you did not sign a personal guarantee, their only recourse is against the LLC. If the LLC cannot pay, they cannot attempt to seize your personal assets (assuming the existence and operation of your LLC was valid under state law).
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