Legal Question in Business Law in Florida

If you are getting rid of your business because of debt but still want to stay in this type of business, and selling your business or giving to a relative is fraud, is it best to close it down, sell it for a small amount to an employee or claim bankruptcy becausue the largest debt (rent) was personnally guarenteed?

Asked on 9/19/09, 1:35 pm

3 Answers from Attorneys

Alan Wagner Wagner, McLaughlin & Whittemore P.A.

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There are a lot of options and to get an answer you could rely on you should probably see an attorney. There are too many variable to possibly get a reliable answer in this format.

Answered on 9/19/09, 2:09 pm

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Robert Roemer Robert Roemer

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The answer to your question is not clear-cut by the issues you've listed.It depends on the type of liabilities that your company has and whether it would be viable to disclose these negatives to a prospective buyer and even consider paying the landlord to relieve you of your personal guarantee. I am an attorney in Palm Beach Gardens who has done this type of work and would suggest that you e-mail me your phone number so I can call you to discuss what help I might be in resolving these issues. This is definitely not a situation you want to try to handle yourself so if you don't use me consult another lawyer before acting on any of these issues.

Answered on 9/19/09, 5:44 pm

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