Recent content by chaz2002

I was involved in a similar situation a few years ago when I sold my business. My understanding is that if you sell stock, then the buyer is responsible for debts. I sold the business assets, not stock, therefore the buyer was not responsible for debts. I am not a lawyer, so I advise that you...

On the sale of my busness of which I owned 50% of the shares and my two partners owned 25% each, the two partners held up the closing for two days because they would not agree to sell if a personal note we all three signed was not paid off. I was forced to agree in order to make the sale. A...

After selling my GM car dealership 5 years ago, (C-Corp; I owned 50%, two other partners, both MD's, owned 25% each), my two partners owe me over $600,000. They intitiated a law suit aginst me and my lawyer counter sued on the grounds that they pierced the corporate veil when, at the closing of...

I was a 50% stockholder with two other stockholders, each of them owning 25% of the shares. We agreed to sell the business a few years ago, but I had invested almost a million dollars to keep the business going. They are not willing to pay me their portion. They initiated a law suit, and I...