Legal Question in Business Law in Florida
Business with spouse
If I sign a lease and/or loan with my wife for a business in Florida, have I know exposed our joint assests (such as our home, vehicles and joint bank accounts) to be accessed if the new LLC was sued? Would we be better off to not have me involved with the business at all?
1 Answer from Attorneys
Re: Business with spouse
Way too many questions for an Internet answer. You need to speak to a lawyer in your area experienced with business formation. Generally, LLC debt is NOT the debt of the individual members. However, if you guarantee the lease personally, your personal assets are exposed. The homestead is exempt from forced sale to satisfy creditors in Florida, although there are complications there as well. You need a lawyer, before you sign anything.
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