Ask a Lawyer - Business Law questions answered by leading lawyers |
| Can Owners Put Liens On Assets of Their Own Business? |
My father and I started a salon using equity loans taken out on our homes. There is about $40,000 in equipment. Can either one of us place a lien on the equipment for this amount? |
| Selling a Business Without Continuing Liability? |
I own a business and am really wanting to sell. It's too much time away from my family, so the sooner the
better. Interested party wanting to buy, but want to pay 20,000 down and 10,000 in 6 months and 8,000 in 3
months after. They can't put business in their name until January, and I still owe on my loan for more than the
downpayment. Can this work? I don't want any responsibility after papers are signed and everything out of my name. |
| How Do I Collect on a Promissory Note? |
I ventured in a business deal with a gentleman in 2008. He since closed his office because he had a stroke. I have a promissory note signed by him. The note expires 12-31-09. I understand that he is ill and unable to work right now, but I also know that he owns his house, he put the house in a trust and that he is the trustee of the trust. My question is do I meet with him to sign another promissory note. Or go after his house? |
| Watch Out for Liability on Long Term Lease Obligations! |
I had a restaurant for 3 months in business and went out of business in 3 months. Could not sell for 6 months, finally sold. Now, after one year of selling, the landlord sends a summons for not making a payment from the time I closed my restaurant. Suing me and my wife and all the previous owners. I'm shocked and horrified. Please help. |
| Is a Seller Bound to the Price Listed for the Business in an Advertisement? |
I am selling my business and have 3 people that want it. I listed the price for $65,000 [with a free online listing service]. One man told me in the beginning that he absolutely wanted to buy it. I told him at that time that I had others interested. Is it legal for me to ask them to submit a bid and take the highest or do I have to honor the listed price? |