Does a commercial lease need to be notarized in Kentucky?

Does a commercial lease need to be notarized in Kentucky?

Since this is a business arrangement, the final document should be notarized, though this isn’t a law in the state of Kentucky. After notarization, both parties should sign their name, print it, and date the document.

Does a commercial lease need to be notarized in Ohio?

Commercial leases in Ohio must be signed by the lessor, and the lessor’s signature must be acknowledged before a notary or other official, according to Revised Code 5301.01. In addition, per Revised Code 5301.08, the acknowledgment is unnecessary if the lease term is three years or less.

How long before property is considered abandoned in Kentucky?

What is the law on abandoned property in Kentucky? In Kentucky, property is generally presumed abandoned two to 15 years after a period of inactivity of the owner of the property. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.

How can a landlord protect himself on a commercial lease?

There are two ways that landlords seek to protect themselves. The first is by requiring a large security deposit, which indemnifies them up to the limit of the deposit. (Note: a landlord can get a larger security deposit for a commercial lease than for a residential one.)

Who is personally liable for a commercial lease?

If a sole proprietor or a partner signs a commercial lease, he or she is personally liable. Savy commercial landlords know that a corporation or LLC limits the personal exposure of the owners, which means that the landlord can only look to the business for payment of rent.

Who is responsible for paying rent on a commercial lease?

If a corporation or LLC leased space, then it’s the corporation or LLC–not any owners or officers–which is responsible. If the corporation or LLC doesn’t pay the rent, or perform some other obligation under the lease, the commercial landlord can’t go after the owners, except to any extent they personally guaranteed the obligations.

Can a landlord go after a sole proprietorship?

If the corporation or LLC doesn’t pay the rent, or perform some other obligation under the lease, the commercial landlord can’t go after the owners, except to any extent they personally guaranteed the obligations. (See below.) On the other hand, a sole proprietorship IS the owner–there’s no separate legal entity.