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LLC Question 161

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Question: My husband had an LLC in Nevada. We rented a warehouse to work out of under the LLC name. Things didn't work out and the lease was broken. The warehouse owner is now sending letters to collect the full year's lease, quite a sum. Between leaving the warehouse and being contacted with the letter-- we offically dissolved the LLC and my husband got a job. In court what will happen regarding the debt-- if it is found to be our fault? Could they attack our personal assets? Is there any way for someone to collect money on a dissolved LLC?

Response: I think the answer to whether or not your husband can be held personally liable by the owner of the warehouse turns on the language of the lease agreement. Was your husband named as a lessee on the contract along with the LLC? Did he guaranty the lease? In my experience, a lessor entering into a lease agreement with a small business LLC (especially one that does not have a long business history) almost invariably requires the LLC members to sign the lease in their individual capacities guarantying the lease payments.

Submitted: 01/17/2008; Meg, Nevada
Response: 01/19/2008; JJR

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