Legal Question in Business Law in New Jersey

Going out of Business

I own a small laundromat. No outstanding loanes jut out standing utilities and an 8 year lease. I am an LLC. Can I walk away?


Asked on 3/18/09, 11:46 am

3 Answers from Attorneys
Robert Davies The Davies Law Firm, P.A.

Re: Going out of Business

Please, go see a lawyer and an accountant and get some advice. You may avoid creating some huge problems for yourself.

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Answered on 3/18/09, 11:47 am
Jef Henninger, Esq Law Offices of Jef Henninger, Esq.

Re: Going out of Business

You should "wind up" the business in a legal way to avoid any problems. Not really my area, as I handle litigation, but I can refer you to a good attorney that will help protect you. Just give me a call at 732/247/3340.

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Answered on 3/18/09, 12:48 pm
Walter LeVine Walter D. LeVine, Esq.

Re: Going out of Business

Possibly! You do not say if the Lease is solely in the name of the LLC and/or if you have personally guaranteed rent payments. If you have personally guaranteed any of these payments, you have a major exposure. Plus, you may have some personal obligations if the LLC is not properly terminated with the State. More information is needed to provide a better response. This reply is to a question raised on an Internet site, and does not nor is it intended to be legal advice.

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Answered on 3/18/09, 1:42 pm


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