A commercial lease should not be signed by business owners light-heartedly. The store-front or office space, when first starting out is one of a business owners’ biggest expenses. Like most contracts, it could be too late to make any changes once you have signed a commercial lease. To potentially prevent you from growing your business, or worse yet, running it into the ground, a commercial lease is a legally binding document. Today, we at Kajioka & Associates, Attorneys at Law, would like to discuss what you should know before signing a commercial lease for your business.
1) Before you sign it carefully read the lease
Though painfully obvious, it needs to be said, be sure to read every line of the lease and understand. As you may suppose, reading through a lease agreement can be boring and tedious. However, you need to know what you are agreeing, such as the duration of the lease, terms of which party is responsible for what, and other details. In the lease can impact and affect your business operation with various conditions and terms. You must be agreeable to the terms before signing the lease, should you have questions, you should consult an attorney.
2) Commercial lease agreement
It does not mean you are not able to negotiate your lease terms if the landlord may use the same lease with all of their other tenants. Before you sign the lease, ask to see if you and the landlord can come to terms with a list of any provisions you disagree with in your lease agreement. You need to be realistic in your expectations, though the property management may be willing to alter quite a few changes that may surprise you. Especially if the space is much less than the other tenants, for instance, the landlord may be less likely to budge on some terms in the event your lease was a quarter of the entire property or more.
3) Well Established Business Structure
Ensure you have established your Nevada entity first prior to signing the lease. You cannot be protected by your corporate shell if it does not exist. Down the line, issues with your business, landlord, and your lease will form your business entity on the back-end.
4) Lawyer to Review Commercial Lease
Before they sign a lease, one of the major mistake’s business people make is not getting legal advice. Simply getting a consultation can save your business time and money in the future, prior to the signing of a lease. There are many hazards in a commercial lease that you should understand and consulting legal counsel should always be at the top of your list prior to signing. A commercial space can make any new business owner a little anxious.
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Any business owner can set up their business for success with patience, care and diligence. Call Kajioka & Associates, Attorneys at Law, for any legal matters concerning your business, and our experts will assist you with your lease and other legal needs.