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Procedure to transfer the existing business to someone on lease
02-Mar-2023 (In Startup Law)
Hello sir/mam I have a saloon business with my name. I am running this for two years. I am not getting expected benefits from this business. Now i want some who will run my business with his name and will pay me monthly. For that wt i have to do i mean i have to transfer my business with his name ligelly?
Hello,
You have two options.
You may either transfer the ownership of the business and all assets, registrations, licenses etc. to another person for a one time consideration. In this case you will have to execute an agreement of sale with the buyer.
Alternately, you may retain the ownership of the business, but engage someone to operate and manage it for you. In this case, you could negotiate with the manager to pay you a fee towards the use of your premises and assets for the business. In this case, you would also have to execute an operations and management agreement with the person managing your business.
You have two options.
You may either transfer the ownership of the business and all assets, registrations, licenses etc. to another person for a one time consideration. In this case you will have to execute an agreement of sale with the buyer.
Alternately, you may retain the ownership of the business, but engage someone to operate and manage it for you. In this case, you could negotiate with the manager to pay you a fee towards the use of your premises and assets for the business. In this case, you would also have to execute an operations and management agreement with the person managing your business.
Helpful?
21+
21+
You first need to enter into an agreement stating that you would like to give you company for a lease to another person and also define your terms and conditions in the said agreement.
You can also have it given in a form of franchise and get money. you can contact a lawyer to get it done.
You can also have it given in a form of franchise and get money. you can contact a lawyer to get it done.
Helpful?
25+
25+
Adv. Varun Papireddy
Bangalore | 100+ Answers
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