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A break clause is a clause in a fixed period lease providing both the tenant and the landlord with the option to end the lease early. As a tenant this can be extremely useful, particularly if it is a new business venture or a new branch being opened. A break clause permits a tenant to walk away from the premises if it transpires it is no longer a viable option to maintain.
Selling your business, whatever the size, can be a stressful and drawn out process. However, with the correct advice and guidance from a commercial lawyer, the process of selling your business can be made easier. No business sale is ever the same therefore the following information is purely a guide. Outlined below are a few pointers to think about when going through the notions of selling your business.
Business partnerships are regulated under a little known law from 1890 – The Partnership Act. Under the Act a ‘partnership’ is formed when two or more people join together in business to share a profit. This does not include LLPs (Limited Liability Partnerships) or Limited Partnerships. This can be established by an oral contract or simply by conduct. It is possible, therefore, to enter into a partnership as defined by this act without meaning to. These inadvertent partnerships are referred to as ‘Partnerships at Will’ and are governed by the Partnership Act 1890.