Many Landlords will form a special purpose business entity to own the Building. The business entity may be used for tax purposes and to shield individual investors from personal liability. Many Tenants will form business entities for similar reasons. If a business entity formed outside of New York wishes to sign a lease in New York, that entity should be authorized by the New York State Department of State to do business in New York. Where applicable, the business entity should pass a resolution authorizing its officers and/or directors to sign the lease. If an agent will be signing the lease on behalf of one of the parties the agent’s name should be clearly stated on the lease and the agent’s authority should be documented.
*Thank you for taking the time to read this article. This article is part of our “Commercial Leasing for Non-Lawyers,” a Blog Series on Commercial Leasing. Other aspects of commercial leasing transactions in New York are discussed in other Parts of this series.
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