Are you looking to start your own painting business, or expand your already existing painting business? If so, you should take great care in determining the legal implications associated with entering into a commercial lease. A commercial lease will affect the way you do business, for the entire existence of your business. The reality is, a commercial lease is one of the most important aspects of starting or expanding your painting business. This is because, a legally sound commercial lease will provide the financial security, legal surety and room for growth that a business needs in order to be successful. Finally, taking time to consider your commercial lease could well give you an advantage over other painting businesses.
How can a watertight commercial lease help my business?
Financial security
The first and arguably the most important thing a watertight commercial lease will do for your business is provide you with financial security. It will do this by setting in stone the rent that you will be required to pay, and the period of time you will be required to pay it for. In addition, commercial leases include an option to renew the lease, and a mechanism that allows for the rent to be periodically reviewed by the landowner. As a result of these two aspects of a commercial lease, many painting businesses find themselves in difficulty, as a result of poor or ambiguous wording surrounding these options.
By clearly stating the dates of the time period for the option to renew a commercial lease, and how long the lease may be renewed for, you will be able to plan ahead and ensure that your business will prosper. Many businesses are hamstrung within their first few years by being forced to change premises, due to unruly landlords who take advantage of ambiguities within a commercial lease. The cost of moving place of business is substantial, and, if unexpected, can lead to financial ruin. Therefore, it is vital that you ensure that your lease is watertight in this regard, as this is the easiest way to ensure the financial security of your painting business within the first few years of its existence.
Room for growth
By ensuring that you have a watertight commercial lease for your painting business, you will be able to grow your business in the way that you want. You want to ensure that the lease covers all of the possible ways you may use the property in the foreseeable future, and even beyond. Otherwise you will be forced to create an entirely new commercial lease, which will mean that you will have to bargain all over again.
If you ensure that all possible uses of the property are covered in your commercial lease, you will be able to grow your painting business in the way that you want. For example, if you lease or buy more properties for your business, you may wish to change the purpose of the property for which you signed the commercial lease. This would be impossible to do, unless your original commercial lease provided for the opportunity to do this. Therefore, it is vital that before signing a commercial lease, you evaluate all of the possible combinations and permutations that may result from your painting business.
Conclusion
A watertight commercial lease will provide financial security, legal security and room for growth that your painting business needs. However, to ensure that this is the case, it is advisable that you seek legal guidance during the process of negotiating and signing the lease. Seeking legal advice is logical, as this lease will affect your painting business for its entire existence. If you would like to see how a legal professional can help you with your commercial leases, please visit here. Finally, if you have any further questions regarding the legal implications of a commercial lease for your painting business, please feel free to call LegalVision for a fixed-fee quote. Our leasing lawyers are ready to help!