Legal Question in Real Estate Law in Utah

Hello I am about to start a new business. It will be set up as a llc or S corp. it will be a retail shop In salt lake Utah. The retail shop will be fixing iPhones, itouches, iPad, selling cell phone accessories etc. my question is if I'm corporated and I sign a 3 to 5 year lease and if for some reason the business fails am I personally resposonible to continue to pay for the Lease payment each month even though the business is done or went bankrupt? My impression of a corporation is that it protects me as a Peterson from law suits, or things tied with the business since it is its own entity? Please let me know thank you. Justin


Asked on 10/07/12, 8:35 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

If you sign the lease as the LLC or corporation you are not personally liable for the default on the lease. If you personally guarantee the lease, then you will be held liable.

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Answered on 10/07/12, 8:55 pm


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