Many small business owners don't understand the terms of their lease. The guarantees, assignment and other clauses can have a detrimental effect on your business.
“My business partner and I need to renegotiate our lease. It’s up for renewal. We never really fully understood the personal guarantees or the assignment and insurance clauses. We want to be sure we are getting the best deal we can in this business environment. We need an attorney who will negotiate lease terms in our favor instead of in our landlord’s favor.”
Did you know that:
· A personal guarantee can pierce the personal liability protection that your company was structured to provide?
· Subletting restrictions can limit your ability to relocate your business when you need to, unless you face the financial consequences?
· Repair and maintenance provisions expose you to higher unexpected costs?
You risk losing everything if you don’t obtain legal expertise to negotiate your commercial lease. The cost of retaining an attorney is nominal compared with the cost that lease issues could bring to your business.