Legal Question in Business Law in Florida
S Corporation
Our business is failing and we cannot pay the rent. We are willing to leave but we have a 3 year lease. Will we still be responsible for the rent? Can the landlord sue us personally. We signed the lease as officers. Pres. and Vice-Pres.
Asked on 1/04/09, 8:38 pm
1 Answer from Attorneys
William Gwaltney
William W. Gwaltney, Attorneys at Law
Re: S Corporation
Typically the officers of an S-Corp are shielded from personal liability. However, there are numerous exceptions, one of course being if you signed a personal guarantee in addition to signing as officers.
You should probably consult a business attorney to review the situation with you and advise you of your options.
Answered on 1/05/09, 9:22 am
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