Incorporating Doesn't Protect You From This Commercial Lease Trap | EP409

<p>Thinking about moving your business out of the basement and into a commercial space? 🏢 In this episode, Steve sits down with Sikandar Khan, Barrister &amp; Solicitor at ASK Law Firm, to break down exactly what separates a commercial lease from a residential one — and why incorporating your business doesn&#39;t automatically protect you from personal liability.</p><p><br></p><p>From offer to lease vs. the lease itself, to personal guarantees, indemnities, and what happens when a business fails mid-term, this is the conversation every small business owner and entrepreneur needs before they sign.</p><p><br></p><p>&gt; Commercial lease vs residential lease: what actually changes</p><p>&gt; Offer to lease, agreement to lease, and the lease itself — the sequence explained</p><p>&gt; When to bring in a lawyer (and when your realtor already has you covered)</p><p>&gt; Sole proprietor vs incorporated: when to make the switch</p><p>&gt; Personal guarantees vs indemnities — and why landlords ask for them</p><p>&gt; What happens if your business fails partway through a 5-year lease</p><p><br></p><p>Visit ASK Law&#39;s Website: <a href="http://www.asklawfirm.ca/" target="_blank" rel="noopener noreferer">http://www.asklawfirm.ca/</a></p><p><br></p><p>VIDEO SECTIONS &amp; TIMESTAMPS</p><p>0:00 – Intro</p><p>1:03 – Meet Sikandar Khan, Barrister &amp; Solicitor at ASK Law</p><p>2:47 – Sikandar&#39;s path from Pakistan to practicing law in Canada</p><p>6:22 – Commercial lease vs residential lease: the basic difference</p><p>8:22 – Offer to lease vs agreement to lease vs the lease itself</p><p>10:40 – The most common misunderstanding: agreement to lease isn&#39;t the lease</p><p>12:19 – When lease terms don&#39;t match the offer to lease</p><p>16:16 – Disclaimer: this isn&#39;t legal advice</p><p>17:00 – When should you actually engage a lawyer?</p><p>25:12 – Sole proprietor vs incorporating before signing a commercial lease</p><p>27:33 – Real case: landlord demands a 100% personal guarantee</p><p>31:25 – Indemnity vs personal guarantee, explained</p><p>34:10 – What happens when your business fails mid-lease</p><p>36:44 – Assigning a lease — and why you can stay on the hook anyway</p><p>41:13 – Where to find Sikandar Khan and ASK Law</p><p>42:41 – Outro</p><p><br></p><p>Watch on YouTube:</p><p><a href="https://youtube.com/kormendytrott" target="_blank" rel="noopener noreferer">https://youtube.com/kormendytrott</a></p><p>Listen on Spotify:</p><p><a href="https://open.spot