Coworking Spaces vs. Leases

02/06/20 • 21 min

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.

Episode Roadmap:

[: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.

Tweetables:

“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

Mentioned in This Episode:

Additional Resources:

Fordham’s Entrepreneurial Law Clinic
Follow us on Twitter @FordhamELC

Sponsors:

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.

Episode Roadmap:

[: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.

Tweetables:

“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

Mentioned in This Episode:

Additional Resources:

Fordham’s Entrepreneurial Law Clinic
Follow us on Twitter @FordhamELC

Sponsors:

Disclaimer:

Previous Episode

Real Estate Entrepreneurship

Kevin Chan (Fordham Law ‘18) interviews Scott Scuderi (Fordham Law ‘16), Founder and CEO of Scuderi Capital, LLC. Their discussion examines the relationship between real estate and law for entrepreneurs, tools for evaluating the real estate market, the impact of tax reform, considerations for various kinds of investments, and more.

Episode Roadmap:

● [:30] Chan introduce himself as a Fordham Law student under the supervision of Professor Bernice Grant, his topic of entrepreneurship and real estate, and guest Scott Scuderi.

● [4:19] An overview of Scuderi’s business and the link between real estate and law school.

● [10:16] Advice for entrepreneurs that want to incorporate real estate into their business.

● [15:37] Keys to success in the real estate business fundraising process.

● [18:12] Tools and key metrics for evaluating your local real estate market.

● [23:46] Noteworthy differences between commercial and residential real estate and various strategies for real estate investments.

● [29:51] Considerations for short-term real estate investments.

● [32:21] The impact of tax reform, deductions for state property taxes and zoning laws.

● [39:50] Scuderi’s final advice for entrepreneurs.

● [44:52] Chan highlights the key takeaways of networking, due diligence, and key metrics.

Next Episode

Access to Capital for Female and Minority Entrepreneurs — Case Study of Mi Dinero Mi Futuro

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: Oluwayemisi (“Yemi”) Danmola (Fordham Law ‘19) and Diana Ryzhova (Fordham Law ‘19) interview Ramona Ortega (Fordham Law ‘13), Founder and CEO of Mi Dinero Mi Futuro (My Money My Future Inc.), a fintech company for multicultural millennials, to discuss access to capital for female and minority entrepreneurs.

Episode Roadmap:

[:15] Bernice Grant introduces Season 2 of Startup LAWnchpad.
[2:06] Diana Ryzhova and Yemi Danmola introduce themselves and the topic of access to capital for female and minority entrepreneurs.
[4:10] Ramona Ortega introduces herself and her current business venture.
[10:43] The steps required on the long road to starting up a new company.
[17:50] ‘Financial literacy’ — its perception and problems, and what Ramona’s company focuses on instead.
[20:20] Resources to help entrepreneurs understand financial law.
[24:16] The current access to capital environment for females and minorities.
[35:35] Ramona’s reflections on participation in female-led venture capital endeavours.
[42:43] Is this the career that Ramona dreamed of in her childhood?

Tweetables:

“Any entrepreneur should be asking themselves — what is the problem that you’re solving, and why are you the person to solve it?” — Ramona Ortega
“We empower people to make smarter financial decisions by giving them the information and the tools they need.” — Ramona Ortega
“This is not about us telling people what to do; it’s about empowering people to understand how money works.” — Ramona Ortega
“Humility, being able to start over, taking great risks — that’s what great entrepreneurs do.” — Ramona Ortega

Mentioned in This Episode:

Additional Resources: