When becoming a partner in an existing LLC, am I responsible for any issues with an old building lease?
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When becoming a partner in an existing LLC, am I responsible for any issues with an old building lease?
I am becoming partners with an existing LLC. We are moving to a new building under a new lease. Can I be held responsible for the old
lease, signed before I became a partner?
Asked on March 21, 2017 under Business Law, Connecticut
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
A member of an LLC ("member," not "partner," is the correct term) is not liable for debts or obligations of the LLC, unless he or she personally guaranted the debt: that is the protection LLCs afford to all members. So you would be protected as an LLC member in any event; you are doubly protected because, since the debt was incurred before you become a member, you clearly did not personally guaranty the obligation.
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