Commercial property & family businesses
At GL Law we specialise in helping family businesses plan for the future by putting in place a Business Life Plan. This process provides businesses with both clarity and peace of mind that the future of the business is protected. It also sets out a clear path for next generation leaders. In this blog post Julian Pyrke explains the key considerations for family businesses who own or lease commercial property.
Commercial property ownership
Commercial property is usually a significant asset for many family businesses and when a property has been in use for many years the historical paper chain of legal documents can become lost, or recollections may differ. A family business could be a company, a partnership or perhaps held by one or more persons outside a partnership as an investment. It is important to look at the property ownership and requirements of the business and to review these from time to time to make sure they are still fit for purpose.
It is important to ensure that a property can be transferred easily and efficiently should that be part of business succession planning, and this means being able to produce details of ownership or a formal lease. A property can be held separately to the family business (a company or partnership) under a lease and often that lease has either never been formalised or has come to an end and needs to be renewed. This can become problematic if the people who originally set up these agreements are no longer around.
Some early planning, not least reviewing the property can pay dividends in the long run as this ensures a smooth transition between the generations, sort out any issues before they become serious issues and also assists in navigating the inevitable tax labyrinth.
Specialist succession planning advice
If you would like a conversation about what a Business Life plan could look like for you and your business, please contact the team by calling 0117 906 9400 or email email@example.com
For property advice please contact Julian Pyrke by calling 0117 906 9421 or email firstname.lastname@example.org