Legal Question in Business Law in New York

How can I get out of my lease when the business is failing and I will not be able to pay the next months rent which is the biggest expense. Going into my fourth year out of a 5 year lease. Business just started to fail. I own a dance studio. I also don't have a good guy clause.

Asked on 9/06/17, 10:48 am

2 Answers from Attorneys

Roman Fichman Esq. Law Practice of Roman Fichman Esq.

The lease needs to be reviewed to see if you have a good guy clause that would allow you to move out early but be mindful you could lose your security deposit. In addition, need to review the lease to see if you have any personal liability. Finally, there is always the option of bankruptcy for the business (assuming there is no personal guarantee). As an alternative consider negotiating an exist with your landlord especially if the area you are in is rising in value.

Happy to answer any general questions you may have.

Roman R. Fichman, Esq. │ @TheLegalist

email: Info (@) TheLegalists (dot) com

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Answered on 9/06/17, 11:03 am
Richard Bryan Richard Bryan Attorney PC

Call up the owner and explain your situation honestly and with integrity and ask for his or help while you're winding down the business. You may be surprised at the response. Perhaps not; there's no downside to calling and asking, especially if you've paid your rent timely for years.

Good luck.

Richard Bryan

New York NY

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Answered on 9/06/17, 12:45 pm

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