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Posts Tagged ‘personal guarantee’

Utah LLCs and Personal Liability – When Are Owners Liable?

Posted by Jeremy Shorts on January 18, 2010

What if I want to use my new company (“Best Tenants Ever, LLC”) to lease your property so my employees can live there while they are working on the job?  Being an attorney, I sign the lease as “Jeremy Shorts, on behalf of Best Tenants Ever, LLC”?  I claim to be the best tenant ever, but signing in this way means that my LLC, and not me individually, is responsible for performing on the lease.  This includes making monthly payments and other critical terms of the contract.  If rents are ever late (i.e. business is slow or the project closes down), your lawsuit would be against “Best Tenants Ever, LLC” and not Jeremy Shorts.  This situation has the potential to create serious problems if the lease goes into default.  As the landlord, there are simple things you can do to protect yourself.

Creating Personal Liability

Instead of having Best Tenants Ever, LLC liable for the lease, how do you also make me, Jeremy Shorts, personally responsible?  There are two main things to consider.   Read the rest of this entry »


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