What is the name of your state (only U.S. law)? Colorado
I have a small business. I want to further protect my home from any possible lawsuits against my business. What I am concerned about in particular is lawsuits from my landlord. I have a Sub S Corp. where I am listed as the only officer. I have no personal guarantees on the lease only a corporate guarantee where I signed as president. I am currently not in default on my lease. I have been in this lease with this landlord for 13 years. I have 2 years left on my lease, but because of changing markets, my business is failing. 5 months ago I had asked my landlord if they would release me from my lease at the end of the year, 7 months away, so I could liquidate my store and vacate my space, because my business was failing and I would soon not be able to make lease payments and the business assets are clearly limited. The landlord said no. I am attempting to sublease the space, through a leasing company I had worked with before. The landlord has made it clear to me that no matter who I find to sublease, that I am responsible for the remainder of the lease and they will not make a new lease with a new tenant. The landlord seems to figure that as long as I keeping paying there is no issue. I wanted to avoid going into default and work it out with the landlord before it got to that point. Once I stop paying on the lease, then it seems everyone will lawyer up, with a possible BK for my business.
That is the background for my question.
Sometime ago I had filed a QCD from joint owners of our house with my wife and I to only my wife listed as owner. Would this be enough to protect the house where my wife is listed as only owner, along with other attempts to distance the house from my business, for example, the business being a Sub S Corp, and no personal guarantees by me on the lease?
I have a small business. I want to further protect my home from any possible lawsuits against my business. What I am concerned about in particular is lawsuits from my landlord. I have a Sub S Corp. where I am listed as the only officer. I have no personal guarantees on the lease only a corporate guarantee where I signed as president. I am currently not in default on my lease. I have been in this lease with this landlord for 13 years. I have 2 years left on my lease, but because of changing markets, my business is failing. 5 months ago I had asked my landlord if they would release me from my lease at the end of the year, 7 months away, so I could liquidate my store and vacate my space, because my business was failing and I would soon not be able to make lease payments and the business assets are clearly limited. The landlord said no. I am attempting to sublease the space, through a leasing company I had worked with before. The landlord has made it clear to me that no matter who I find to sublease, that I am responsible for the remainder of the lease and they will not make a new lease with a new tenant. The landlord seems to figure that as long as I keeping paying there is no issue. I wanted to avoid going into default and work it out with the landlord before it got to that point. Once I stop paying on the lease, then it seems everyone will lawyer up, with a possible BK for my business.
That is the background for my question.
Sometime ago I had filed a QCD from joint owners of our house with my wife and I to only my wife listed as owner. Would this be enough to protect the house where my wife is listed as only owner, along with other attempts to distance the house from my business, for example, the business being a Sub S Corp, and no personal guarantees by me on the lease?