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Author Topic: Is sale of business in rental premises possible in this case ?  (Read 324 times)

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Offline rakesh1971

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Is sale of business in rental premises possible in this case ?
« on: December 16, 2015, 10:14:12 AM »
Here is my situation, which is tricky.

Father started a business in 1969 in a tenanted premises in Pune, Maharashtra. After his death, I inherited the premises and business. Landlord has refused to transfer rent receipt to my name (earlier it was in my father's name) and wants me to surrender premises and leave. Rental agreement clearly mentions my fathers' heirs (which is only me) as party to the agreement. Business documents have been transferred in my name. There is no option to move the business to any other premises and I am not in a position to run the business myself.

Objective: I have found a willing buyer and want to sell the business in a single transaction and leave altogether

Question: Is there a legal way to sell my business (along with the right to use the premises) to another interested buyer ? Note that landlord will not transfer rent receipt in the buyer's name. I was told there is an option to get into a partnership with this buying party with myself as a sleeping partner to avoid running foul of the rental agreement. However that option carries some risks and I want to get out of the business altogether.

Are there other options like goodwill sale, release deed etc. that will let me get out of this situation and the buyer can take over the business and continue to use the premises without trouble from the landlord ?

Thanks !!


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