Legal Question in Business Law in Missouri

If a LLC company signs a lease and the members of the LLC signed as a Guarantor of the lease, and the LLC goes out of business, is the Guarantor responsible for the lease?

Asked on 3/08/11, 7:53 pm

2 Answers from Attorneys

Michael Beckermann Beckermann Law Firm, LLC
0 users found helpful
0 attorneys agreed

Generally, the Guarantor would be responsible for the remaining amount of the lease. It all depends on the terms of the lease and guaranty.

Read more
Answered on 3/09/11, 7:46 am
Kevin B. Murphy Franchise Foundations, APC
0 users found helpful
0 attorneys agreed

As a Franchise Attorney I think you need to consider the definition of a "Guarantor." It's a person or entity who guarantees the obligations of another in the event that other person or entity doesn't pay. That's exactly why the Guarantors in this case were required to guaranty the lease. Landlords like to be able to pursue real people who have assets if the rent is not paid. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

Read more
Answered on 3/09/11, 7:48 am

Related Questions & Answers

More Business Law questions and answers in Missouri

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Business Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now