Businesses looking for office space in DC can often benefit financially from shared space. Small companies and start-ups can especially take advantage because of the lower monthly costs. While it sounds like a great idea to share office space, it is important that both parties agree on some things before signing an agreement. The following are four things that NOLO Law for All suggests as areas for agreement:
Responsibility for the space. One of the first questions that will come up is who has ultimate responsibility for the work space. If you’ve joined with others to find a space to share, you’ll probably have equal responsibility from the beginning.
Other options include renting the space from someone who already owns it, wherein the owner would have the responsibility. Two parties that do not previously know each other or previously own the space will have to work this out together:
Making decisions. You’ll need to decide how to make decisions about your shared space, on issues from appropriate use to appropriate decoration.
If there is an owner or a master tenant, he or she will typically be the person who makes general decisions. However, companies involved have an equal responsibility to work together to make important decisions about the space.
Dividing costs. No matter who owns the space-whether it’s one of you, all of you, or a commercial landlord-you and your sharing partners will have to decide who will pay for what.
Sometimes each user will have a specific amount of space that they solely use. In such a situation, each company will need to declare how much space they intend to use, how much they believe it is worth, and then come to a decision on who pays for what.
Use of common space. Most work spaces have some common space, even if it’s only a small entrance area at the front of a warehouse. And it could be much more than that in some situations.
Shared office space in DC can be a huge benefit to entrepreneurs and even bigger businesses when they know what to compromise and agree on. For more information on how to obtain a shared space, contact Metro Offices today.
(Article Excerpt and Image from “What’s Involved in Sharing Office Space,” NOLO Law for All, 2014)