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Old 03-16-2009, 06:27 PM
 
7 posts, read 20,707 times
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I am looking for references regarding the legal aspects of leasing commercial space. If the company is a corporation, and we want to lease commercial space, do we have to give personal guarantees on the lease?

I know we need to ask a lawyer, but we are looking for references to read so that we know know questions to ask the lawyer, saving time, and therefore, money.

I thought part of the reason for incorporating was so that the corp could be made liable for things, and not put personal assets of the owners at risk.

Thanks, and any help is much appreciated.
Michael
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Old 03-16-2009, 06:32 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 32,567,458 times
Reputation: 2661
Quote:
Originally Posted by dynalmadman View Post
I am looking for references regarding the legal aspects of leasing commercial space. If the company is a corporation, and we want to lease commercial space, do we have to give personal guarantees on the lease?

I know we need to ask a lawyer, but we are looking for references to read so that we know know questions to ask the lawyer, saving time, and therefore, money.

I thought part of the reason for incorporating was so that the corp could be made liable for things, and not put personal assets of the owners at risk.

Thanks, and any help is much appreciated.
Michael
Any commercial guy will pull the paper on the corporation. If it has some age, good ratings and some money you are all set. If not then one of the principles will have to step up.

Commericial guys ain't neccessarily dumb...they are however hungry at the moment. That does not imply dumb though.
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Old 03-16-2009, 07:16 PM
 
Location: Las Vegas
444 posts, read 1,431,760 times
Reputation: 183
That's true about most business dealings. Yes, incorporating is advantageous for the reason you stated.

But almost any one who deals with a corporation ie suppliers, will pull all papers they can find on you cause they have been around. Afterall, they incorporated for the same reasons as you did when they started out.

I have been a part of 3 corporations. Each had a life of about 5 to 7 years. Each was either me or me and 2 partners. We frequently had to guarantee the larger obligations. Incorporating can help with taxes and on the back end (selling out) , but not so much with financial obligations during operations. Good Luck and Negotiate that lease to death.
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