I’m renting a space for my new LLC; does the guarantor co-signing the lease have to be a member of the LLC?
The landlord wants someone else to personally guarantee one of the spaces with me, which I have found someone. Do I need to add her to the LLC that will be renting both spaces? Also, she is going through a divorce. Can that prevent her from signing a lease?
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It is prudent to form the separate LLC as suggested. It is not necessary for the guarantor of your lease to also be a member of the LLC.
Regarding the divorce, I would seek assurances that the divorce will not compromise obligations and rights and that the spouse is not making any claims to the same. Depending on the state's laws regarding marital property rights, a divorcing spouse's obligations or assets might be subject to claims by the other spouse.
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I have two businesses that I am getting ready to move. I am leasing two spaces in the same building. It was recommended to me to start a new LLC to rent both spaces and then have the businesses pay the LLC.
Lexi, Chatbot
I understand the situation with your businesses and the recommendation to start a new LLC. Have you already set up the new LLC for renting both spaces?
No. The thing is I am going to have someone co-sign only 1 of the leases with me.
Lexi, Chatbot
Are there any specific concerns or challenges you are facing in relation to moving your businesses and setting up the new LLC?
The landlord wants someone else to personally guarantee one of the spaces with me, which I have found someone. Do I need to add her to the LLC that will be renting both spaces? Also, she is going through a divorce. Can that prevent her from signing a lease?
Lexi, Chatbot
Is there anything else the Lawyer should know before I connect you? Rest assured they'll be able to help with adding the co-signer to the LLC and addressing any potential obstacles related to her divorce.
This is all.
Infolawyer
Hello and welcome to AskaLawyer. My name is Daniel and I'm a licensed lawyer with over 21 years of experience.
I've reviewed your question and I'd like to ask you a couple of clarification questions:
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What is your main concern here? In other words, what's the biggest issue for you right now?
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Given everything that’s happened, what outcome are you hoping for now?
My concern is the person I am wanting to sign the lease with me is unable to because she is going through a divorce. Additionally, I don't know how to legally set this up in the best interest of both parties.
Infolawyer
Ok, thank you. I appreciate all the information that you shared and I’ve put together your answer below. After you review it, please let me know if anything is unclear or if you have any questions. I want to make sure everything makes sense and that you’re completely comfortable with the information.
Ok great. What do you think about the fact that she is going through a divorce?
Infolawyer
It is prudent to form the separate LLC as suggested. It is not necessary for the guarantor of your lease to also be a member of the LLC.
Regarding the divorce, I would seek assurances that the divorce will not compromise obligations and rights and that the spouse is not making any claims to the same. Depending on the state's laws regarding marital property rights, a divorcing spouse's obligations or assets might be subject to claims by the other spouse.
Ok great. I appreciate your insight. Thank you.
Infolawyer
Most welcome. It's been a pleasure helping you with your questions today. If anything else comes up, please return to AskaLawyer and I'll be happy to help again. Wishing you all the best.
Infolawyer
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