I will be sharing a space in a strip mall with another business. Same building, address....we are friends. But, we are two entirely separate businesses. I am a framer and she is a florist. The landlord wants to use the word "and" on the contract between our names...suze collin, the shop AND brenda brown, the flower shop. I am a sole proprietorship as she is also. Will the word make be liable for her portion of the expenses????Help thank you for helping me.:yes:-
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- Thread Starter lindasro
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I will be sharing a space in a strip mall with another business. Same building, address....we are friends. But, we are two entirely separate businesses. I am a framer and she is a florist. The landlord wants to use the word "and" on the contract between our names...suze collin, the shop AND brenda brown, the flower shop. I am a sole proprietorship as she is also. Will the word make be liable for her portion of the expenses????Help thank you for helping me.:yes:
1. You do yourself a HUGE disservice by not incorporating. IMHO, do it NOW. If not, you can be held personally liable for all the debts of your business. There are small corporations you can file that should not be financially prohibitive.
2. The answer to your direct question is "yes" - both of you would seem to be held joint and severally liable on the lease. What does this mean in English? If both of you are on the lease and someone defaults on their half, the landlord can choose to so both of you together or either one of you for the full amount of the rent and whatever is outstanding on the lease. You are far better off to each have a separate lease with the owner if possible although not probable.
That said, if you can only obtain a lease for the entire space because you are truly sharing it with mostly common space, you'd do best to also have an agreement between the two of you as well. Good luck ot both of you.
2. The answer to your direct question is "yes" - both of you would seem to be held joint and severally liable on the lease. What does this mean in English? If both of you are on the lease and someone defaults on their half, the landlord can choose to so both of you together or either one of you for the full amount of the rent and whatever is outstanding on the lease. You are far better off to each have a separate lease with the owner if possible although not probable.
That said, if you can only obtain a lease for the entire space because you are truly sharing it with mostly common space, you'd do best to also have an agreement between the two of you as well. Good luck ot both of you.
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