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Security Deposit

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Latest post Wed, Oct 12 2016 10:48 AM by Drew. 2 replies.
  • Wed, Oct 12 2016 6:40 AM

    • genti1e0
    • Not Ranked
    • Joined on Wed, Oct 12 2016
    • PA
    • Posts 2

    Security Deposit

    I own a small private personal training studio with another guy. He has decided he wants to leave and do his own thing. Due to our lawyer not being up to terms we did not have a separation agreement in place before we ever went into business. The other owner is now trying to receive some of the secruity deposit to the gym when it was paid in full with a check from our business from our business account. How much if any of that security deposit is he entitled to even though we did not have a separation agreement in place beforehand? 

  • Wed, Oct 12 2016 8:30 AM In reply to

    Re: Security Deposit

    Is your business a general partnership?  A corporation?  An LLC?  Something else?

    Who is/are the tenant(s) identified on the lease?  The two of you individually (e.g., "John Smith and Tom Jones").  Or is the business identified as the tenant (e.g., "SmithJones Personal Training, Inc.")?

    What does "trying to receive some of the security deposit" mean?

  • Wed, Oct 12 2016 10:48 AM In reply to

    • Drew
    • Top 10 Contributor
    • Joined on Thu, Mar 30 2000
    • PA
    • Posts 51,431

    Re: Security Deposit

    Why would a LL return a dime of,security until the lease is up and or the premises surrendered ?


    The LL would be smart when the time comes to return any security to the tenant of record on the lease. 



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