Legal Question in Business Law in Florida
business takeover
I am considering taking over a small business (incorporated as an LLC) that has been struggling financially for time but has a considerable cash flow. for the purpose of this question please assume that the current owner disappears.
1. if there turns out to be debt that i was unaware of when taking over the company that could pierce the corporate veil (such as back taxes or personally secured invoices, etc.)could i be held personally liable in place of the old owner?
2. could i pay myself a salary right away even if the bussiness is in an increasing debt situation?
3. can I take over the LLC in a bearer capacity and esentially remain anonomous?
while my intention is to turn around the business i feel bancruptcy is a very likely outcome how can I not take on personal liabilty for the actions of the past owner?
1 Answer from Attorneys
Re: business takeover
After reviewing your question I would suggest you e-mail me a phone number to call you at- because the price and other factors must be considered to properly considered to evaluate this situation.
Related Questions & Answers
-
Remove self from business Here's my situation. Just last month (May 2007) I decided... Asked 6/15/07, 11:43 am in United States Florida Business Law
-
Leasing agreement 1. If I start renting a business office as an individual, will I... Asked 6/13/07, 10:54 pm in United States Florida Business Law
-
Small-business A few years ago, I ''invested'' in my sister and brother-in-law's... Asked 6/13/07, 2:39 pm in United States Florida Business Law
-
Car Contract I purchased a used vehicle in orlando Florida in February 2007. I am... Asked 6/12/07, 11:22 am in United States Florida Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
