somewhereintime

1# auyatyat

I have many side jobs, in fact, I spend more work time on side jobs than anything else.
Some jobs are volunteering, i.e. community lunch programs, Consumer Advisory etc.
Some are occasional, i.e. Elections Canada position

somewhereintime

who is dr. Jamie Chan?
myversa 發表於 2009-12-9 09:31

Self-proclaimed Dr. JJ

somewhereintime

21# fibbi

Restaurant business is considered high risk business,
successful rate is relatively low. And it is definitely not the place for making  quick money.

somewhereintime

走數
sheep 發表於 2009-12-10 13:21

Is it the only thing that cross your mind?
There could be other very complicated issues.

somewhereintime

sometimes after you opened your business, it's not as easy to just leave and run away.
myversa 發表於 2009-12-10 15:18

Yes, you just signed a loan from your landlord, most people do not realize that
the lease is a legal contract required personal guarantee.
$5,000 monthly rent x 3 year lease simply means that you owed the landlord
$180,000, no matter you open for business or take a vacation.

somewhereintime

27# 毅字

you make 5 cents selling one  649 ticket

somewhereintime

I 31# fibbi

Yes, there are always exceptions , depends on the terms on the lease.
A  commercial realtor always have the lease drawn up for each property,
usually 2-3 month deposit is required then they may put a lien on your
house. When the rent is 2 months in arrear, they may seek court order
to liquidate the restaurant. A Baliff would  seize all the valuable and auction off.
The fund from the auction would pay the landlord and any expenses incured.
I have witnessed a case:  the franchisee bakery cafe owed 2 month rent,
the baliff stormed in with court order, removed everything from the premises
in less than an hour, really scary.

somewhereintime

35# kingsway

If you sell the business, the new tenant may be able to pick up your lease,
but then, the Landlord may ask the new tenant to start with a new lease, all depends.
You cannot sell a business without a lease, because the buyer cannot predict what
the rent will be. I always advice my client to draw up their lease, or get a lawyer to
audit the lease for your protection, and make sure you include the term that
"the lease is transferable" in case you want to sell the business.
Some tenant just "Walk out of lease" leaving all the chattels behind.
then the landlord would make a value  assessment and add to the rent over 1 or 2 years
period.