Legal Question in Business Law in Florida
Lease Agreement for LLC with a Personal Guarantee
I signed a 5 year business lease with a 12 month guarantee to start at time of default.
What is my personal liability in that case?
My only asset is my home which is in the state of FL, which I understand has a homestead exemption. What type of liability do I have in that case and is my home in jeopardy?
Asked on 4/26/08, 5:01 pm
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Re: Lease Agreement for LLC with a Personal Guarantee
Your home is not in jeapordy. You liability is for the amount guaranteed and for which there was a default.
Answered on 4/27/08, 3:57 pm
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