Legal Question in Business Law in New Jersey

You need a lot more than a "little guidance." First, the lawsuit is an issue. Then there is the note and probably a security agreement to the previous owner.Also, you will probably need a LLC to purchase the assets. There are so many issues, you really must consult a good tax attorney experienced in the purchase and sale of businesses.

I hope this helps!

Ron Cappuccio

I'm not sure what I can add here that will be helpful other than to urge you to consult counsel in private and discuss it over to see about a best course of action.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section):

http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

[email protected]

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

Here's the deal: generally speaking, despite what your boss is telling you, there may not be a law suit. Law suit are expensive and chances are that the amount of money in controversy is likely too small to merit a law suit. While keeping in mind the risks, I actually see this as an opportunity to make lemonade out of the lemons. A dispute between the owners is a way for you to take a discount on the price of the business through the resolution of the dispute between the boss and the previous owner.

Contrary to most attorney I like distressed deals. They present value to those who spot them and know how to maneuver. Give me a call and I'll see how I can help.

Roman R. Fichman, Esq.

www.TheLegalists.com │ @TheLegalist

email: Info (@) TheLegalists (dot) com

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Disclaimer: This post has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice or be relied upon. No intention exists to create an attorney-client relationship or any other special relationship or privilege through this post. The post may contain errors, inaccuracies and/or omissions. You should always consult an attorney admitted to practice in your jurisdiction for specific advice. This post may be deemed as Attorney Advertising.

I routinely represent folks in situations such as yours. I invite you to call me for a free telephone conversation, during which we can explore the circumstances in greater detail. 973-921-0600.