Legal Question in Business Law in Michigan
leases
I signed a one year lease but ran out of money and the business isn't making enough. What should I do? Leave in the middle of night? Wait to be evicted? ???
Asked on 12/28/06, 11:40 pm
1 Answer from Attorneys
Patrick Tracy
Patrick J. Tracy, Esq, P.E.,
Re: leases
It depends on the language of the rental agreement. The best nprudent way is to try to subcontract the lease, for the remaining term. On the other hand it may be prudent to try to negotiate a settlement with the owner of the building.
The worst thing that you can do is just up and leave. This will affect your credit rating for many years to come.
Good Luck!!
Answered on 12/29/06, 5:54 am
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