IslandGirl
08-03-2007, 02:03 PM
I recently sold my shares in a business that leases a building on a month to month basis. As the corporation (S Corp) president ant 50% shareholder I signed the lease. I also was required to sign a personal guarantee. I recently sold my shares, and notified the landlord that I was no longer affiliated with the business, and therefore requested that my name be removed from the lease, and my personal guarantee be nullified. I asked that if these could not be accomplished, that the lease be terminated in 30 days.
The landlord replied that he won't, and doesn't have to do any of the above. I am seriously worried that I will be held accountable for a building I no longer even have a key to, for a business I no longer own. Do I have any legal recourse?
The landlord replied that he won't, and doesn't have to do any of the above. I am seriously worried that I will be held accountable for a building I no longer even have a key to, for a business I no longer own. Do I have any legal recourse?