Legal Question in Business Law in Nevada
Liabilty
My -father-in-law owns Co.A, my spouse is DBA (Doing Bus. As) Co.B. under Co.A.
Co.A wants to sign over Co.A to Co.B lock, stock & barrel. Co.A has outstanding Credit Cards. If it's signed over, is my husband now responsible for these debts? How can we NOT be responsible for them?
Thank You.
L.B.
Asked on 12/04/03, 4:11 pm
2 Answers from Attorneys
Stan Johnson
Cohen, Johnson, Day, Jones & Royal
Re: Liabilty
Given your description of the transaction; Co. B would probably end up being responsible for the debts. It needs to be structured properly to avoid this. Send me an e-mail if you want to set up an appointment.
Answered on 12/06/03, 7:24 am
Joel Selik
www.SelikLaw.com
Re: Liabilty
Depends on how they are set up, how the debt is incurred and what is purchasing. May want to look into asset sale with proper notices.
Joel Selik
702-243-1930
San Diego/Las Vegas
Answered on 12/04/03, 4:19 pm
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