What can I do if I sold all my shares to my partner but my name is still on the business lease and the landlord refuses to sign the release form?

I sold all my shares last yearto my partners. I sign the shares transfer certificate, bill of sales (without notarizing it), and the Assignment & Assumption of License Agreement. The Assignment & Assumption of License Agreement stated that me and my partner transfer the lease space to the company “ABC”. Then my partner signed that he is 100% responsible for the company “ABC”. We signed this form at the landlord attorney and pay them a fee. The attorney give the form to my partner to give to the landlord to sign. My partner give to the landlord 4 months later and landlord refused to sign.

Asked on June 27, 2012 under Business Law, New York

Answers:

david slater / david p.slater, esq.

Answered 8 years ago | Contributor

Wihtout the LL consent, you can do nothing.  While you may still be liable to the LL, the new company would be liable to reimburse you.


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