Legal Question in Real Estate Law in Kentucky

Business purchase

When buying a business from an individual and paying the individual for the purchase instead of going through a bank and the property has inventory in it, do you have to keep the same amount of inventory in it, or once you purchase it, is it yours to do with as you please?


Asked on 9/20/08, 7:17 pm

1 Answer from Attorneys
Thomas McAdam Thomas A. McAdam, III, Attorney

Re: Business purchase

Ordinarily, when you purchase a business outright, the inventory becomes your property; to sell, liquidate, or do with as you please. The exception, of course, is where you have pledged the value of the inventory as security for the purchase (either to the seller or the party providing the financing).

You are best advised to seek the services of a competent Kentucky attorney, to review the details of your business purchase. You can telephone your local bar association for a referral, or can find a good lawyer on-line at the Kentucky Bar Association's Lawyer Referral Service:

http://www.kybar.org/Default.aspx?tabid=291

Good luck!

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Answered on 9/21/08, 6:45 pm


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