Legal Question in Business Law in Georgia

business

I purchased 45% of a construction company 2 years ago for 50.000 dollars the company is going out of business it has 3000.000 dollars in assets the paper work for the purchase was drawn up but never finalized is the assets half mine


Asked on 12/28/08, 10:47 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: business

Your post is far from clear, and you provide far too few facts to answer your question, but --- One, if you are paying $50,000 for a business you (and the other party) should have had a lawyer make sure it is done correctly. Two, if the company is out of business and has only $3,000, the creditors get paid before owners. Unless the company has no debt, the owners might face personal liability for taking the money.

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Answered on 12/29/08, 8:12 am
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: business

A lot depends on the facts of the situation, but if the company has no debts then the remaining assets are usually divided among the owners in accordance with their ownership percentage.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

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Answered on 12/29/08, 9:02 am


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