Legal Question in Business Law in Illinois
my brother sold his small business to a freind and apon doing so there was a written agreement that my brother would not be responsable for any of the debt both of them signed it and it was noterized ! is this a leagal document cause the people owned are coming after my brother?
1 Answer from Attorneys
It depends on the terms of the agreement with his friend, and on the terms of his agreements with creditors. There are really too many variables to discuss here, but some relevant questions would be, was it a corporation or sole proprietorship, was it a stock sale or asset sale, were there personal guarantees signed by your brother with the bank or other creditors? In other words, your brother needs to take all of these documents to an attorney for review in order to give him an answer.
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