Partnership Q&A: Partner resignations and lease liabilities

Posted on November 14, 2014 in Business Partners

Q.:

When a partner resigns from an LLC, what can that partner do to remove liability from the lease?  I started an LLC in the state of Arizona with two partners. After a year in business I am choosing to take another path and I am attempting to separate my legal liabilities. We initially signed a three-year lease with personal guarantees and currently have 23 months remaining. I am trying to figure out the route to take in order to bring a convincing argument to the property manager/owner to be removed of liability.

Read on to find out . . . .

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