Legal Question in Business Law in Florida
equipment lease
Our business is failing, no money to pay our lease, what will happen? What can they do to us? How will it effect our credit?
Asked on 6/09/08, 8:50 am
1 Answer from Attorneys
Brent Rose
The Orsini & Rose Law Firm
Re: equipment lease
If you signed a "personal guarantee" on the lease or if you signed it in your own name, you may be personally liable, which means they can put in on your credit or sue you just like any other personal debt.
If you didn't sign personally, it can only affect the credit of your business, and they can only sue your business, not you personally, though if you take something from the business--even money to pay yourself--you may have to give it back to pay the creditor.
Answered on 6/09/08, 5:23 pm
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