What issues should I consider before agreeing to share a space with another business?
I currently own a dance studio which I have been looking to move into a new building. Another business owner contacted me about possibly sharing a large space and splitting rent. We would both have our names on the lease for the new space, but we would use the space communally. There is a large studio and a small studio in the new space, and we’ve been able to agree on scheduling for those areas. What legal issues do I need to consider before agreeing to this? I want our businesses to stay very separate, but I want our business relationship to be mutually beneficial.
Don’t let the person who owns the business hide behind a Corporation title. Have the actual person who owns it sign a letter of “personal guarantee” for the rent money. It means he is locked in and even if he goes chap 7 or his company goes chap 13 you get paid for the rent. If you don’t do this, he could just walk away and say “Sorry, I am bankrupt”. Now when he says that with the PG, you say, “Sorry to hear that, but I will take your house to get the rent”. You can with a personal G.
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