How can I get out of my commercial lease?

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq.

An award-winning small business attorney in New York City, Nina is a sought-after professional speaker and Entrepreneur Magazine online contributor. She is the go-to counsel for knowledge economy and creative companies, delivering legal services and educational resources that save them time, money, and aggravation.

Posted on April 19, 2015 in Business Transactions

Q.:  The current economy has sunk my small business. Customers have stopped buying and I can’t make my overhead expenses. Is there a legal way of breaking a commercial lease that has eight months left, given the terrible events happening in this economy?

 

A.:  You can try speaking to your landlord to see if he/she/it will let you out of the commercial lease early.  It’s possible that the landlord might find another business tenant quickly (at an even higher rent).  You could also try to find another company to take over the balance of your commercial lease, and introduce that company to the landlord.  If not, though, your business is stuck (unless it files for bankruptcy protection).  If you’ve signed a personal guaranty, the landlord could come after you personally.

 

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