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doggie style | I have leased a bar and paid 1,6 million for the goodwill when my lease is up do i keep all the tables? |
and glasses or do i have to return them to the leasor |
 |
 
Tim F
 |
The answer will be found in your lease agreement and other documents.
You probably signed documents that provided that you purchased the bar business (which was most of the "goodwill" that you purchased). At the same time, you signed a lease of the building in which the business operates. Therefore, you probably own the business and lease the property.
Ordinarily (but your case may be an exception), when the lease term is completed, the tenant (you) must return the real property, which includes everything that is physically attached to the land and building. If the tables are built-in or screwed down, then the landlord owns them, and you cannot take them when you leave.
The glasses and other similar items are ordinarily your personal property, which was (probably) transferred to you in connection with your purchase of the business and lease of the building.
But you must look at your lease and other documents to be certain of this.
If there is any doubt, then consult your attorney.
Good luck. |
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kittyfisher
|
I think you're kidding! |
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honey
|
Only keep them if you bought them
with 1.6 million surely you can afford to by your own tables and glasses.
Are you just trying to boast about your money cos if you are that is sad |
|
Hat-A-Tat-Tat!!
|
depends if they were there to start with..and also, when you sell..if you want to sell it as a 'going concern'..which means you will leave them to the next owner. |
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shelcom
|
that should be in your lease. try reading it.
Wait...1.6 MILLION for goodwill? Boy, they saw you coming. |
|
§♫♪‹(•¿•)›☼»-(¯`v´¯)-»\\
|
If they came with the building...they probably go back with the building. What did you lease say...? If you paid 1.6 M for the goodwill...you need to use your lawyer to advise you about such matters. |
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happax2000
|
You paid 1.6 million what? UK Pounds, dollars, Euro,YNB or did you use monopoly money? If you didn't ask this question at the time you bought the lease you really shouldn't be in this business!
In the price of a bar in the UK, things such as tables are regarded as 'fixtures and fittings' of F&F for short - you'll probably find that your 1.6 million went on 3 major items:
1, Stock at valuation (SAV) the bar would have been audited and you would pay an agreed sum.
2, Fixtures and fittings (F&F) - again at an agreed value.
3, The business lease on the premesis - it's value depends on whether the business was a going concern and what it's turnover is, here you should have looked at the 'books' a run down bar would cost less than a trendy top flight bar, hence a value for 'goodwill' is factored into the value of the lease which is in essence the value of business itself.
Check your legal agreement with your leasor if it is as above then you can choose to keep the tables and whatever you like from the F&F (why would you want too?) or sell them on as F&F to the next leasee.There are occasions where you may have leased everything in which case it all returns to the leasor when the term of your lease expires. I think you need to see a lawyer and get yourself an accountant pretty damned quick! |
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t.s
|
it should be in your contract, goodwill is basically what they made you should roughly make the same, l would see a solicitor or who ever did your paperwork as its a lot of money just for goodwill,you can renew your lease also or sell the business and name |
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iowntheavenue
 |
When your lease is up and [your not renewing it] will you not be selling the business? If you sell the "lease" onto someone then it's up to you what items of your business are included in the sale.
You are leasing the premises,,,everything else in the place that is not fixed is YOURS |
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leoxxx
|
whats the amount you flipping paid for the lease got to do with the tables. shorly for that amount of cash you are in a very profitable pub so you should get the money back and buy your own sodding tables you sado |
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Stephen A
 |
You only leased them , you will have to give them back
With 1.6 million , why on earth did you lease , with that sort of capital you whould have been better buying |
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petey00petey
|
RETURN THEM |
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