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    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #21

    Apr 14, 2009, 06:16 PM
    Scott, an LLC is a limited liability company, not a corporation.

    The problem with this situation (in addition to the new info that just came to light) is that an LLC has members, not partners. Partnerships have partners. And partnerships have individual liability. So there's a major ambiguity in the way the lease was signed. Supposedly the tenant is an LLC which means no individual liability. But they appeared to have signed the lease as partners, which means a partnership which means individual liability.

    To the OP: You MUST get a copy of your lease to an attorney and have them carefully read it. You could have a real mess on your hands. And you could very well be individually responsible for performing the lease, including having your personal property at risk.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #22

    Apr 14, 2009, 07:02 PM
    Quote Originally Posted by LisaB4657 View Post
    Scott, an LLC is a limited liability company, not a corporation.
    OOPs, I thought Corp wasn't quite right.
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