Buying a business without approval from the landlord
by Hengkiet, Window Shopper
- Created: September 7, 2010, 4:39 pm
I am in the process of buying a business. It is a yogurt store in the city of Danville, California. The store is a part of Lunard;s super market. But Lunard-s reject the sale due to the fact I am lack of experience in the business.
Now, the owner offers me with different way.
Scenario 1: She will sell 90% of her ownership to me. Without changing the lease with Lunardi, she will add me as her partner.
Scenario 2: The lease is under her personal name. But the business is under/belong to a corporation. Base on trust, she does-t mind to put the lease still under her name, and she will sell the corporation owning the store to me.
Is that legal? If it is legal, do we need other documents? Thank you!
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