if a lessee is a corporation, should I & can I list them also an individual?

I have lessee who is a corporation so I usually list them as corp & indvidual. Is this ok to do when the lessor is listed as a Trustee only?
In Leasing Property - Asked by patil l. - Mar 8, 2013
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Answer(s)

Devin C. G.
Broker/Agent
Irvine, CA

Honestly, you should and need to contact an attorney for an opinion. No broker, who is not an attorney- is allowed to give legal advice- and you are talking about contract law. As you know, the corporation is a legal person- and when you start getting into trusts, which are generally tax advantged entities, and may have mutiple layers and entities involved, you really should have an attorney and even a CPA- opine on the way to structure and list on the contract(s)- better for you and all involved. If you need a reference- I have a top quality CPA who specializes in entities and works with several excellent asset protection and contract law firms witht the cleints his firm repsents. Best of luck.

Mar 8, 2013
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Rob B.
Chandler, AZ

Patil....
Your best bet is to get a personal guarantee from the principals of the corp. Just make sure that in the event of default that the individuals have strong enough financial statements, with something that can be attached, or you may even lose any advantage of guarantee through personal bankruptcy.
Believe me a corporation defaulting on a lease; and then having the personal guarantor also going bankrupt is not all that uncommon. A strong financial statement from a thriving business; as well as a strong financial statement from a personal guarantor is really your strongest position.
However, when in doubt do consult an attorney for specific legal advice.
Onward and Upward....
Rob Baird
CA DRE 544165 (one of the oldest active RE license in the State)
AZ DRE BR641305000
rob@capratecommercial.com

Mar 8, 2013
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Chris S.
Broker/Agent
Coeur D'alene, ID

It all depends on the credit worthiness of the corporation versus the individual. Whomever is stronger is who you want on the lease and on the gaurantee.

Mar 11, 2013
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