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JBaxLaw, Attorney
Category: Business Law
Satisfied Customers: 11396
Experience:  Experienced in business formation and licensing issues
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I had leased a sign and a bank credit card machine for a small

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I had leased a sign and a bank credit card machine for a small hair salon for my daughter. My daughter died April 1st. and hiribg a new stylist is not feasible as she was just starting to break even after opening January pf 2009. I won't be able to rebuild her clientele to pay someone new. Now I find I am stuck with the bank equipmnt lease until 2013 and a sign for another year and a half. My only option is to close the shop and get out of these leases for equipment I will never be able to use. What can I do?
Submitted: 7 years ago.
Category: Business Law
Expert:  JBaxLaw replied 7 years ago.
First, you need to read the lease carefully and determine if there is any language applicable to either early termination or penalties for breach. Unless the agreement states you may terminate early, for a fee for example, you will be breaching the agreement. If you breach the agreement the company can file suit and seek damages based on the agreement. Your first step should be to contact the company and try to work out a mutually agreeable settlement of this matter. Be sure to obtain any such agreement in writing.

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