Purchasing A Commercial Property You Want To Lease? Hire A Business Lawyer For An LLC And More
If you have made the investment to purchase a commercial property with a partner, and you want to lease it for profit, you want to find a business lawyer. There are a lot of things that you want to have to protect yourself as the property owner and as a landlord.
Commercial property is a great investment, especially if you are able to pay off the property with someone else paying you rent to cover the mortgage. Here are a few of the things to talk with the lawyer about before you start advertising the space available for rent.
Discuss registering an LLC with your business lawyer for when you are ready to start taking in rent money. You will want to do this with a spouse or partner.
This will be a way to own the property with reduced liability, and with a variety of tax benefits. This allows your business to operate in ways similar to large corporations, but without as many complications. You get to decide how the money is distributed, and you don't have to worry about complications with multiple people interfering.
Get the Right Insurance Coverage
It will be very important to have the right coverage for the commercial property. The business lawyer will be sure to have a policy that includes:
- Liability protection for injuries and emergencies
- Property coverage for natural disasters, theft, vandalism, fire, and flooding
- Mortgage protection
The lawyer will go through the policy to make sure that you are protected from everything possible, so you don't end up with damages you can't afford to pay on the building if there is an emergency.
Your business lawyer should also be able to draw up the lease and contracts for your renters. A triple net lease is going to benefit you the most as a property owner because the person leasing the building is responsible for paying:
- Property taxes
- Building insurance
- Rent to you
- Building maintenance
The lawyer will set this all up for you, and you will just need the renters to sign the contracts.
Commercial real estate is a great way to invest your money. If you have purchased or have an offer on a commercial property, start working with a business lawyer to make sure your business plan is set, and you are ready to start making money with your LLC today.
For more information, contact business lawyers near you.