Posted on November 28, 2011
I was approached recently by a couple who were building between them a business premises to accommodate their separate businesses. They wanted a partnership agreement that would have all the clauses to cover their situation. I suggested an alternative and that was to set up a company to own the building and then each ‘partner’ could lease their part of the building. They wanted to share common waiting room , reception and toilet.
The option also gave them the alternative to opt out of the ‘lease’ if their individual business was not working to their plan. Cleaning, reception, photocopy and secretarial services would be paid for with a management fee to each business hiring the rooms.
The question in my mind is why don’t people seek advice when they are going into business. They must have accountants and all it takes is one question. Many will know they need a solicitor but try to avoid them because of the cost. Apart from the legal implications of having a lease, a good solicitor will save you more money than you pay them.
Written by Maggie Richardson –
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