Legal Question in Business Law in Georgia

I have a contract with my boss to buy her business. before we closed I found out she was in the middle of a law suit with the man she bought the business from. I still want to buy the business when the law suit is settled; but, now one of my co-workers said she is going to buy the business.
Can I prevent her from selling the business to someone else.

Asked on 10/11/11, 9:34 pm

2 Answers from Attorneys

Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

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No one here can possibly answer you. We haven't read the contract.

Obviously no one would be foolish enough to buy a business without having both a lawyer and a CPA review the contract, and searching basic records as to things like law suits. So that means you have a lawyer already, who for a few hundred dollars, has already given you the answer and information you need. So pick up the phone and call your lawyer and you should have your answer.

On the outside chance that you did something completely foolish, and actually signed paperwork to buy a business with no lawyer, you may have walked into some very expensive litigation, as it is unlikely you can just wait on the suit you could have found out in advance about, and you also have to deal with your coworker.

(To be honest, if you were foolish enough to not have a lawyer, and the co-worker buys the business, be VERY thankful, as you probably dodged a bullet).

The moral: you do not EVER sign a contract without a lawyer, and you do NOT ever sign a contract with financial implications without a lawyer and a CPA.

Answered on 10/11/11, 9:47 pm

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