Legal Question in Banking Law in Illinois
Small Business Finances
What legal documents do we need if the owner of a small business wants to step down, leaving it to me, but wants previous debt to remain his obligation, not mine? He is family, and is going to stay involved with the company in other areas, but is leaving the general operations to me.
Asked on 7/13/09, 11:04 am
1 Answer from Attorneys
David K. Staub
Staub Anderson LLC
Re: Small Business Finances
That is not a simple question. It depends on the type of business entity owning the business and the nature of the debts, particularly whether the existing debts have a lien on the assets. You should really talk to a business attorney. Once he has all the facts, he can advise what you need to document the intent of the parties.
Answered on 7/13/09, 11:12 am
Related Questions & Answers
-
Banking name of banks that honor the ucc code Asked 1/01/09, 10:54 pm in United States Illinois Banking Law
-
Borrowing from a friend Hi, Due to some urgent need, I want to borrow around 10000... Asked 12/14/08, 12:34 pm in United States Illinois Banking Law
-
Deposit of Check I have deposited my friend's payroll check in my bank account with... Asked 11/17/08, 2:36 pm in United States Illinois Banking Law
-
A credit card bank on the credit report has put me as deceased! My husband passed... Asked 11/15/08, 9:38 pm in United States Illinois Banking 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.
