Legal Question in Business Law in Florida
I started LLC with my family to build retail strip center. I am now selling my interest. Will I still be held liable for personal guaranty of loan if I sell 100% of my holdings? I live in TN (37934) property is in FL (32750).
Asked on 11/09/09, 1:05 pm
3 Answers from Attorneys
Steven Meyer
CPLS, P.A.
If you signed a personal guaranty, then you will still be responsible for the loan. You could ask the lender to release you from the guaranty because you are selling your interest in the shopping center. They may be unwilling to do that, however.
Answered on 11/14/09, 2:21 pm
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
Yes, your personal guarantee will survive the sale of your interest in the LLC.
Answered on 11/14/09, 2:47 pm
Sarah Grosse
Sarah Grosse, Esquire
If you signed a personal guarantee, you are personally liable.
Answered on 11/14/09, 3:29 pm
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