Llc Lease Obligations Explained

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Summary

If your LLCs lease is still active, you must continue paying rent even after closing the store. Generally, an LLC protects personal assets, but personal guarantees on the lease could expose them. Consult a local attorney for specific advice.

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We are three partners in LLC and this LLC has a convenience store, which we plan to close. Two questions after closing the store are we still liable to pay lease rent. Secondly can landlord go after our personal assets to recover the full lease rent amount
Answer:
*. Yes, if the lease agreement is still active, you are liable to pay the rent.
*. Generally, an LLC protects personal assets, but it may depend on the lease agreement terms and your jurisdiction.
Please share your location to provide more specific information.
Hartford, ct
I see, based on your location in Hartford, CT:
*. If the lease is active, you're still obligated to pay rent.
*. Your personal assets are typically protected under an LLC. However, any personal guarantees on the lease could put your assets at risk.
Please consult with a local attorney for detailed advice.
Thanks
You're welcome, ****! If you have any more questions or need further clarification, feel free to ask. Remember, it's always best to consult a local attorney to understand the full legal implications.