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 be on the hook for the remainder of the lease....the co-signer, or the other members of the LLC?
We are not considering putting the LLC in to bankruptcy, and the only external debt is the car lease.
Thanks.
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 be on the hook for the remainder of the lease....the co-signer, or the other members of the LLC?
We are not considering putting the LLC in to bankruptcy, and the only external debt is the car lease.
Thanks.