Legal Question in Business Law in Florida

Can a person (lender) who loaned money to another person for a start up business, ask for that business in a judgment against the business owner who has refused to pay back the personal loan? If not, what are the options, if any. The business owner says she does not have the money to pay me back so my only recourse is to try and be awarded the business and work it or sell it to recoup my investment. Please advise.


Asked on 10/27/10, 3:10 pm

2 Answers from Attorneys
Richard Kaplan

If you are owed money, and the borrower doesn't pay, you can go after any and all assets you are allowed to levy against.

If the business can be levied against, and that is your only option, then yes you can get ahold of those assets and try to sell or recoup your loss.

If the borrower has other assets, banks accounts, stocks, bonds, realty, cars, jewelry, furniture, etc., maybe you could go after that.

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Answered on 11/01/10, 3:19 pm
Kevin B. Murphy Franchise Foundations, APC

The other attorney is on point here. Once you have a judgment, you can go after whatever assets the other party has. This would include the business. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Attorney

Franchise Foundations APC

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Answered on 11/02/10, 7:17 am


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