breaking a lease
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
breaking a lease
we are a LLC company and can not make the lease payments, what should we do.
should we file bankrucy on the business? or make contact with the landlord. can
he keep our products?
Asked on November 15, 2017 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
A commercial landlord may be able to put a lien on or attach your products to secure payment of unpaid rent: they have to take certain legal steps to do this, but it is an option of theirs.
Generally, try to work matters out ("make contract," as you put it), but remember, the agreement must be voluntary: if you can't come to an agreement that works for you, don't sign anything.
IMPORTANT: If the business is an LLC, the business (not you personally) signed the lease, *and* you did not personally guaranty the lease or any obligations under it, you, as LLC owners, are NOT liable for the rent. In this case, don't sign anything taking on personal resonsibility for it, since right now, you are personally protected.
Bankruptcy is a complex issue, which depends on the specific facts; it is often a viable option, but you are advised to consult with a bankruptcy attorney to know if it is right for you.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.