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I’ve owned a physical business before. What the article fails to mention is that small to medium sized businesses generally sign leases with joint and several (
by treyfitty 6y ago
I’ve owned a physical business before. What the article fails to mention is that small to medium sized businesses generally sign leases with joint and several (personal) liability attached.
Landlords can and do go after the person after the bankrupt LLC is raided.
- PopeDotNinja 6y agoA lot of people think that forming an LLC or corporation will protect your personal assets from creditors. When I ran my business, I learned banks like collateral, and given my business has no assets other than the cash in the bank, anything debt I took on would need to be secured by my personal assets. If you use your personal assets as collateral, you’d better hope your business doesn’t run out of money before you’ve paid off the debt.