- November 8, 2023
- Posted by: legaleseblogger
- Category: Related News
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Moving Business Location and Landlord Requests Personal Guarantee
We are currently in the process of considering relocating our business to a new location. However, we have encountered a potential obstacle in the form of a landlord who may request a personal guarantee from us before agreeing to lease the new space.
As the owners of a C-corporation with over 20 years of experience, my partners and I are concerned about the potential personal financial implications of signing such a guarantee. We are specifically wondering if signing the guarantee in the capacity of “red7standinby as Secretary of red7 corporation” would provide us with any protection from personal liability.
Our corporation is based in California, and we are considering a new location within the state.
We would greatly appreciate any insights or advice on this matter. Thank you in advance for your assistance.
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****** just grabbed a
No one can tell you what youÔÇÖre agreeing to without looking at the contract, and the advice youÔÇÖre looking for really shouldnÔÇÖt be free. YouÔÇÖre asking someone to advise you on something that directly bears on exposing you to personal liability. The malpractice/liability implications are pretty significant.
Hmmmm, personal guarantee tends to be viewed separately & probably in addition to a corporate guarantee. YouÔÇÖre trying to skirt the PG. LL May pass on you since youÔÇÖre hedging on failing vs success.
We can’t see what the rental agreement/contract says, but presumably it is clear that it’s a PERSONAL GUARANTEE. If that’s the case, then you can sign it with “red7standinby as Secretary of red7 corporation” or with “red7standinby as Grand Poobah of The Knights Who Say Ni” if you want, but it’s still a PERSONAL GUARANTEE.
BTW, a landlord requiring a personal guarantee is common if your company has no real stable name or assets.