Legal Question in Business Law in New Mexico
My personally held corporation rents its offices. The landlord required a 3-year contract with no provision for early termination. 1 year into the contract, the business will close and the corporation will be dissolved. What is my actual obligation to the landlord - both as a corporation and as the individual sole shareholder?
Asked on 10/14/13, 12:33 pm
1 Answer from Attorneys
Kevin Connolly
Kevin J. Connolly
Unless you signed a personal guarantee, you have no personal exposure. The assets of the corporation are all that you can lose as long as you observed the formalities of keeping your assets and those of the corporation distinct. The whole idea behind incorporation is to protect your personal assets from creditors of the corporation.
Answered on 10/18/13, 3:40 am
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