Thanks for the reply, but note the last line of my question - we are not considering putting the LLC in to bankruptcy, we prefer an orderly closure. So my question is more aimed what exposure the other two members of the LLC have with respect to the car lease, in the event the LLC is not put in...
We have an LLC, with three members, with one of the members leasing a vehicle (from Toyota).
The LLC is the primary on the lease, and the member that drives the vehicle is the co-signer.
The lease is about half way through a 36-month term
If the LLC were to cease trading, which entity would...