Legal Question in Banking Law in Ohio

I just bought a small retail business and are closing tomorrow. The business is currently set up as an S Corp. In the sale terms written up by the Realtor, it is specifically mentioned that all contents of the business and and all property of the business are included in the sale. We bought the business for $220,000. Isn't the checking account, which is listed in the business' name at the local bank, considered as part of the business, and shouldn't that be transferred over to us upon closing? The current owner is saying that it is his money and that we need to get a completely separate account set up, because he is keeping what is currently in the account. My question is this...Is the checking account considered part of the business or not and should it be transferred along with the business upon closing?

Asked on 8/12/09, 9:47 pm

1 Answer from Attorneys

Elizabeth Schmitz Elizabeth S. Schmitz Attorney at Law

It depends on the terms of the contract and whether you are buying the assets of the business or if you are buying the S corp.

You should consult with an attorney who can review the contract.

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Answered on 8/13/09, 8:06 pm

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