[hackerspaces] what is your opinion about the closing of 3rd ward?

[William Macfarlane]

Yeah, I guess my question was whether there could be a trick of
contract-law that resulted in giving membership refunds priority over other
debts.

I did forget about personal guarantorage, which is a foolish thing to
forget about since I'm the personal guarantor on the line for my space.


On Sun, Oct 13, 2013 at 7:24 PM, Arclight <arclight at gmail.com> wrote:

> There are a few problems with choosing who to pay if you close down.
> First, it's become common for corporations, including non-profits, to need
> personal guarantors when they sign leases or pretty much do anything these
> days as a startup.
>
> Not paying the later rent check might leave your "angels" in a big
> financial mess.
>
> Secondly, if you actually need to declare bankruptcy, you absolutely
> cannot give preferential treatment to anyone. The court decides who will
> get what share and when, regardless of what you think is equitable. If you
> accept a preferential payment, you can be forced to give it back later.
>
> And I do agree that not having "the money talk" early and often is the
> surest way to fail.
>
> Arclight
>
> _______________________________________________
> Discuss mailing list
> Discuss at lists.hackerspaces.org
> http://lists.hackerspaces.org/mailman/listinfo/discuss
>
>


-- 
-Will
www.partsandcrafts.org
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