*This has nothing to do w/ trading, so if you are going to bitch about that I put this into the trading forum you can stop reading now. I have this business idea that will probably only cost ~ $20,000 to start, and is very simple and won't require much of my involvement. Only thing is that it requires leasing of a commerical retail location. I know w/ these suckers you have to sign 5 / 10 year agreements. I really don't know if this concept will work and if I lose my 20k fine, but my fear is that I'll have to pay the rent for the full term. Can I create an LLC,and put the leasing space under the LLC... then if I close all the owner can do is sue the LLC (of course which would have nothing) Would that work? Comments?
As long as the LLC is specifically renting the location and there is NO personal guarantee. Consult a lawyer to make sure.
Your looking for LEGAL advice on the on the internet? A stock trading forum at that?!?! And even worse on ELITETRADER?!? Have you read some of these people's posts?! I truly think ET has the biggest population of mentally ill posters on any given forum. And I say that HALF jokingly.
The landlord is going to realize what you are trying to do via llc. I would try to negotiate conditions on ending the lease early.
so would you say that the landlord is unlikely to let me sign up via the llc because of the fact that I could leave early? I've never dealth w/ landlords before
I am a member (owner) of an LLC. No matter what it was, leasing property, credit lines, loans, or equipment... I always had to PERSONALLY guarantee all debt or occurrences with either collateral or my good name (unsecured). Maybe the LLC was originally drawn up that way, but not anymore. At least in my experience.