I am a single woman, age 67. My home is paid for, and I have owned a small furniture business for the past 30 years.
I have an LLC, but I was informed that I would have to file personal bankruptcy for any debt the store has. It’s not over until it’s over, and you have not been knocked out of the game yet. I have seen people sell businesses, homes and stocks in a down market only to regret their decision months or a few short years later. If you love your business, do everything you can in your power to fight for it.
— The Moneyist “When you sign a commercial lease, even for an LLC or a CORP, you will almost always be asked to sign a personal guarantee,” says David Waltzer, a New York-based lawyer. “In the bliss of getting a new space, it is easy to gloss over the hazard at hand. I recommend that my clients NEVER personally guarantee a commercial lease except with a ‘good-guy guarantee.’”
“ ‘You have built this business up over 30 years. That’s longer than millions of small businesses, and most marriages.’ ”