How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tina Your Own Question
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
Type Your Legal Question Here...
Tina is online now
A new question is answered every 9 seconds

I have formed an LLC fro myself in order to enter into a

Customer Question

I have formed an LLC fro myself in order to enter into a contract with a financial business machine service. This company normally wants a two year contract with a buy out clause that if you wish to end the lease prior to the end of the 2 year period, you must pay 50% of the cost of the remaining months. I will not be getting any income from the LLC or using it for any other reason than to be the service recipient from this service provider. My business has been becoming more and more automated which makes me worry if this will be worth the cost. If I were to terminate the lease before 2 years and simply dissolve my LLC (or declare it bankrupt ?) a) Could I still be personally liable b) Would declaring the LLC bankrupt affect my personal credit rating ?
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

Hi Michael. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? Is the company requiring you to sign a personal guarantee of the contract or will they allow only the LLC to sign? Thanks.