Michelle Hayden Bomberger's Answers

My lease on a commercial property is ending in May. Do I need to make a formal request for a renewal?

The landlord is not required to renew the lease. If the current lease has specific rights or terms of renewal, those would govern this situation. If no mention of renewal is in the current lease, if you remain in the space following the term of the lease without specific permission from the landlord, the provisions of the lease regarding "holding over" following the end of a lease term would apply. Often the "holding over" rent is significantly higher than the regular rent amount. In...

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What does a reasonable Term Sheet or agreement include?

Almost all terms in business to business contracts are negotiable. I wouldn't say there's a "standard" for the terms. You should look at the relationship based on what each party's needs are and respond with reasonable terms to protect both parties. If they are really interested in the relationship, they'll pay attention. It's not uncommon to see agreements start out really one sided and negotiated to a balanced arrangement. For specific terms, we'd want to walk through who is responsible...

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Are members of an LLC allowed to call themselves something else publicly?

This question comes up frequently with LLC "Members" and "Managers". The terms aren't sexy and don't suggest authority to anyone who doesn't know the lingo. We often see Members specifically authorize the Members or Managers in their Operating Agreement or other corporate records to use titles such as President or Principal. You must be clear to third parties that they are conducting business with a limited liabilty entity (an LLC in this case). To do so, you must ensure that contracts and...