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Partnership Q&A: Partner resignations and lease liabilities
Nina Kaufman
2 Comments
Q.:
When a partner resigns from an LLC, what can that partner do to remove liability from the lease? I started an LLC in the state of Arizona with two partners. After a year in business I am choosing to take another path and I am attempting to separate my legal liabilities. We initially signed a three-year lease with personal guarantees and currently have 23 months remaining. I am trying to figure out the route to take in order to bring a convincing argument to the property manager/owner to be removed of liability.
Read on to find out . . . .
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Reader Comments (2)
To the author of this question,
Did you ever get this resolved? I am in a very similar situation and I was wondering if you were able to remove your name from the lease with ease.
Thanks,
Anna
Dear Anna: I've not heard back from the business owner directly -- in fact, in the Q&A, I'm provided with no meaningful contact information to follow up. But you may want to speak to a local business attorney who works with leases regularly to get a sense of his/her "take" on the state of (1) your local real estate market, and (2) your neighboorhood or specific building within your city.