Legal Question in Business Law in Alaska

I am purchasing a business and the effective date is suppose to be April 1st. The sellers cancelled their insurance on March 31st. I have insurance in place, everything is covered, except that there is not a signed bill of sale, can I still legally operate the business?

Asked on 4/01/17, 10:31 am

1 Answer from Attorneys

Terrence Thorgaard Thorgaard Law Firm

If you have actual possession of the business premises, inventory, etc., there is nothing to stop you from actually operating the business. Make sure you have a business license, and all required permits, etc. Without knowing exactly what sort of business it is, I cannot be sure that all your bases are covered, so you should of course check with your attorney about the details. You should probably be sure to use some way to advise your customers who they are dealing with: use receipts, etc. with your new business name on it, for example.

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Answered on 4/01/17, 10:50 am

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