bussiness lease how do i get out

Discussion in 'Growing and Managing a Business' started by ruthy, Aug 20, 2011.

  1. ruthy

    ruthy
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    Hi all, I am new to this site but hope you can help me. Ok so i became a equal share partner in a tea room. I signed a sale of shares form that was drawn up by the seller not legally and not witnessed, is this binding?
    Also i signed a transfer of lease form drawn up by the landlord he said he didnt do it legally cos it would be costly, is this legal?
    My name is not on any of the bills or cheque book am i liable to pay them?
    I wish to leave but my partner wont accept my share even for free she has said that i am legally bound is this correct? I did this all very quickly and got caught up in the excitement and now know i should have stepped away. I have only been a partner for 1 month. The landlord would need to be told that we dont wish to renew in oct 2011 and we would leave in feb 2010, i dont want to have to wait that long can i just walk away. Any advice wolud be appreciated as it is making me ill.
     
  2. JPM

    JPM
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    When you say not gellay what do you mean exactly?

    I am not 100% on this, what country do you reside and work in?
     
  3. ruthy

    ruthy
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    hi i live in the uk. Just looking through the original contract that i was not on it states the licence shall be personal to the licensee and shall not be capable of being assigned or otherwise disposed of other than by surrender to the licensor with his agreement.
     
  4. Fergal

    Fergal
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    Ruthy, first off welcome to Business Advice Forum and thanks for posting your business questions. An agreement or contract doesn't need to go through a solicitor / lawyer in order for it to be legally binding on the parties involved. It's difficult to comment on your situation without reading the actual documents you are referring to. However, a lot will depend on whether the parties involved intended for the agreements to be legally binding when they signed them. If that intention was there, you are more likely to be legally obliged to honour your commitments.

    I'd suggest that the issues are serious and that they have potential longer term implications for you and for that reason I believe that you should seek professional, independent legal advice. Do you know a solicitor / lawyer that you could approach? Some legal professionals will offer a first consultation free of charge, which could be very helpful to you in these circumstances.
     

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