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Breaking an LLC Lease New York

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  • Breaking an LLC Lease New York

    Two years ago we formed an LLC, opened a business and signed a 5 year lease. After 18 months the business failed and we shut down the practice. My questions are:

    1. Am I still liable for the payments on the rest of the lease?

    2. I still have the keys to the property; at what point do I need to give them back to the landlord?

    3. My lawyer suggested not to give the keys back and wait until we are formally served by the landlord's lawyers. I want to give the keys back, contact the landlord or his attorney and put an end to this. And let him rent the place. Is this a good idea?

    4. The LLC is under my wife's name and I am not involved in this at all. Fortunately she has nothing in her name; so if the landlord sues what can he actually get if he does win?

    Thanks,

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