Episode description

Startup LAWnchpad is the podcast that educates entrepreneurs about forming, growing, and protecting a startup. Startup LAWnchpad is produced by the Entrepreneurial Law Clinic at Fordham University School of Law in New York City.

Episode Description: Kevin Chan (Fordham Law ‘18) offers an overview of various legal and business considerations for entrepreneurs and new business owners who are looking for office space, including the legal differences between lease and license agreements, the advantages and disadvantages of each, and a walk-through of the process for each of these options.

• [:30] Kevin Chan introduces himself, and offers an overview of office space considerations for entrepreneurs and new business owners.
• [4:23] A look at lease vs. license characteristics — see chart below.
• [6:39] Weighing lease vs. license advantages and disadvantages — see chart below.
• [10:15] The hypothetical cost of securing office space in Manhattan with a lease, and with a license agreement.
• [13:02] Practical considerations for both lease and license arrangements.
• [15:52] Breaking down the multiple components of monthly rent fees.
• [17:30] Requirements for subleasing a space, and alterations.
• [20:04] The benefits of understanding the differences between lease and licence agreements prior to securing either.

• “In many cases the license provided through shared work spaces is a more cost-effective way to obtain office space. ” — Kevin Chan

• “If you’re in the early stages of your business and are not ready to shoulder the high cost of a lease, a shared work space makes the most sense.” — Kevin Chan

• “Make sure you think about your short-term and long-term business objectives.” — Kevin Chan

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• Fordham’s Entrepreneurial Law Advisory Council

Disclaimer:

The information contained in the Startup LAWnchpad podcast and any materials associated therewith (the “Podcast”), is for educational, informational, and entertainment purposes only. It does not constitute legal advice or tax advice with respect to any particular circumstance. The Podcast is not a complete overview or analysis of the topics presented, and may contain information that varies in different jurisdictions and is subject to revision, interpretation, or nullification after the date of recording. The transmission of information to you does not create a lawyer-client relationship between you and any host, guest, or their respective employer, including but not limited to Fordham University School of Law and Lincoln Square Legal Services, Inc. None of these parties shall be liable for any loss that may arise from any reliance on the Podcast. You should not rely upon the Podcast or treat it as a substitute for legal advice. You should consult a lawyer familiar with your particular circumstances and licensed in your jurisdiction for legal advice.