I own a franchise and I am Incorporated. There is another franshise who is also incorporated, We have decided to merge our franchises and create one. However, we have a law suit with one of our past business vendors (DHL) and have held back about 6 weeks of payments. I only owe about 80K but the other franchise owes about 300k. I am looking to get an agreement that will make me responsible for my portion of the law suit if we lose and have the other franchise responsible for his portion. Can some type of contract be drafted to have each partner responsible for his own share of the past debt, providing we lose the law suit without the suiter coming after the new company.
thanks,
bob cascella
Asked on 1/18/10, 8:53 am
2 Answers from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
This is not terribly difficult, but you will need to see a lawyer who can look at your agreements and then create another to do what you want.
Answered on 1/23/10, 9:08 am
David Slater
David P. Slater, Esq.
New agreements would have to be prepared.
Answered on 1/23/10, 12:10 pm
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