Lease questions
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Lease questions

Landing Page Forums Starting a Business Lease questions

This topic contains 5 replies, has 2 voices, and was last updated by Avatar of Anthony Anthony 4 years, 8 months ago.

Viewing 6 posts - 1 through 6 (of 6 total)
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  • #4714
    Avatar of bizguy
    bizguy
    Member

    I’m about to open a store in a local mall. I have a lot of questions about what to ask before I sign a lease. Can anyone help me with this?

    #4742
    Avatar of Anthony
    Anthony
    Moderator

    Unless you have a legal background, you probably do not want to handle this on your own. There can be any number of little surprises that you might miss if you are not trained to read and dissect legal agreements. If this will be the first business lease you enter, this is even more important since you don’t have a previous lease to which you can compare the new one.
     
    Use a lawyer. That’s why we have them.
     
    On your own, you should be able to safely review a few of the less tricky things, such as whether the cost of the lease fits within your budget and if the term length is appropriate for your purposes.
     
    Don’t let anyone pressure you to sign before you are ready, and if something about the lease agreement doesn’t sit well with you, don’t be shy to propose amendments. As with all agreements, both parties should be satisfied before commitments are made.

    #4816
    Avatar of bizguy
    bizguy
    Member

    Thanks for your reply. I will speak to my lawyer, I guess.

    #4824
    Avatar of Anthony
    Anthony
    Moderator

    Excellent. Your attorney will be able to offer a legal opinion about the appropriateness of the lease for your business.
     
    Also, if you want to insulate your personal assets from your business, you might consider incorporating (if you haven’t already done so). You will find that the vast majority of stores are incorporated in order to limit the liability of the directors with respect to potential problems affecting the business.

    #4877
    Avatar of bizguy
    bizguy
    Member

    I went over the lease with my lawyer. I think I’m good to go.
    Thanks for your help.

    #4889
    Avatar of Anthony
    Anthony
    Moderator

    No problem, bizguy. Feel free to let us know if you have any other questions.

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