Real Property

Your new company needs space to work in. Begin to think about what type of space is available in your area. Then, think about the legal issues surrounding the purchase or lease of this space.

• • • • • • • • • • • • • Read Read Chapters 4 & 5 in Legal Concepts for Facility Managers
                        • Explore owning verses leasing of property.
                        • Explore what the UCC 2A defines as a “lease.”
                          • http://www.law.cornell.edu/ucc/2A/
                        • Investigate a property you would be interested in for your new company. You may need to look at a few properties.
                          • Obtain a lease or contract for sale agreement from the owner or leasing agency.
                          • Review the document. What types of issues are you looking for?

                        • Create a pros and cons chart for leasing or owning this property.

                        • Submit it to Moodle.

Personal Property

Many companies have personal property. Whether this personal property is a computer, cash registered, or heavy equipment, you will need to determine how to hold the property and what the legal issues surrounding this holding might be.

• • • • • • • • • • • • • Determine what property is personal property.
                        • Create a list of personal property you will need for your new business and Create a pros and cons chart for leasing or owning the property.
                        • Now determine whether you should own or lease this property.

From Step 1: Create a pros and cons chart for leasing or owning this property.

From Step 2: Create a list of personal property you will need for your new business and Create a pros and cons chart for leasing or owning the property.