QUESTION
How to get out of a commercial lease that I am partners in. They will continue business.
Asked on Jan 28th, 2015 on Contracts - Texas
More details to this question:
I am a partner in a LLC and on a commercial lease for a Karate school in Texas. My partner is the main employee...I have not paid and money or taken any payments from the business. I had a better bank reference so I agreed to sign with him. I want to exit out of the LLC and get my name off the Lease. The business is growing and doing well, he will continue as usual, as I mentioned he has paid all rents, utilities etc. I'm there in name only. How is the simplest way to terminate my partnership in this.
1 ANSWER
Terminating your partnership is between you and your partner, but getting your name off the lease concerns the landlord. You can not be removed from liability on the lease without the landlord's consent.
Answered on Jan 28th, 2015 at 2:19 PM