QUESTION
How do I sign a building lease if I am an LLC?
Asked on May 21st, 2015 on Business Law - Kansas
More details to this question:
I am a Single member LLC and I am getting ready to sign a lease on a building. The owner of the building wants my personal info and my wife's personal info on the lease and credit application. My wife is very hesitant to put her name on it because she has nothing to do with the business. So do I sign the lease as the LLC or do I put my personal info on it. Can someone please give me guidance? Thank you for your time.
1 ANSWER
Of course you would want the llc to enter the lease, not yourself personally, and of course your landlord wants you personally (and your wife) on the lease (or at least personally guaranteeing it.) This is a matter for negotiation. Will the landlord accept the llc as tenant, with no personal guarantee? Are you willing to make yourself (and your wife) personally responsible for the lease? Can you agree on a middle ground, for example, the llc enters the lease but pays a 6 month security deposit, or you guarantee the llc's lease, but only up to one year's rent, etc.
Answered on May 22nd, 2015 at 9:03 AM