breaking a commercial lease

[gina schaumburg]

What is the name of your state?New Jersey
Opened a business 1 year ago, that isn't doing well. Ran out of money to pay rent. We are an s corporation. If I am sued what assests can be seized?
We did not sign the original lease, our franchisor did and we are the sub lease.
The franchisor has threatened to pursue us if the landlord enforces the lease. Can they take our home or other personal assests? Please help!!!

 

[JETX]

Opened a business 1 year ago, that isn't doing well. Ran out of money to pay rent. We are an s corporation. If I am sued what assests can be seized?

If there is NO personal signature or guarantee.... and if the Sub S corporation is proper, then you should have no personal obligation for the claim(s).

We did not sign the original lease, our franchisor did and we are the sub lease.

And are ANY personal signatures or guarantors on THAT document??

The franchisor has threatened to pursue us if the landlord enforces the lease. Can they take our home or other personal assests?

See above.