savemart55
Member
What is the name of your state?What is the name of your state?What is the name of your state?
Texas.
I have been operating a business as a sole proprietorship for a few years. I made a huge mistake in that I signed a lease with a personal guarantee for a friend who started a similiar business from which I was being paid a small percentage as a "consultant". This friend proceeded to go downhill financially and is now going to walk on the lease, which would cause a $300,000.00 liablity and bankrupt me. My business is also having a hard time making it, but still has inventory assets. I would like to buy inventory assets for a new LLC while I am still able to, since I was read that those assets might be protected from my personal creditors. But is a lease obligation, signed by me as a sole proprietorship considered a personal obligation. I am doing as much as I can to sublease the property, and I do not want to do anything that might be considered as a fraudulent conveyance.
Texas.
I have been operating a business as a sole proprietorship for a few years. I made a huge mistake in that I signed a lease with a personal guarantee for a friend who started a similiar business from which I was being paid a small percentage as a "consultant". This friend proceeded to go downhill financially and is now going to walk on the lease, which would cause a $300,000.00 liablity and bankrupt me. My business is also having a hard time making it, but still has inventory assets. I would like to buy inventory assets for a new LLC while I am still able to, since I was read that those assets might be protected from my personal creditors. But is a lease obligation, signed by me as a sole proprietorship considered a personal obligation. I am doing as much as I can to sublease the property, and I do not want to do anything that might be considered as a fraudulent conveyance.