If you have a business and are thinking of retiring or moving to a different venture, you may be considering passing your company on to one of your children or another individual.
You've done it--you've found the seed money, have your business plan in place and you are ready to start doing business. Of course you are going to have contracts with all your vendors--you want to ensure you get paid for the work you do and a contract guarantees a legal process for recovery if someone skips out. Or does it?
Commercial leasing differs in significant ways from residential leasing. Many consumer protection laws apply only to residential leases. There are no standard forms for commercial leases; each commercial lease is drawn up according to the landlord's needs and wants. Additionally, it is very difficult to break or change a commercial lease. When discussing a commercial lease, there is usually much more room for flexibility and negotiation, since businesses often have special needs or requirements.