Legal Question in Business Law in Massachusetts
I sold a retail business which i was paid for. also part of the transaction was that i am due a % of the proceeds from inventory sold that was assumed. i have been paid very little. can i attach a lien to his business entity in hopes of getting paid or attempting to have him get back on order?
3 Answers from Attorneys
If the other party is in breach of your agreement, you will have to file suit. If you are then entitled to damages, you may take action to collect against his business. If you require some further assistance, please do not hesitate to contact my office.
The other attorney is on point here. You can't just attach a lien, it doesn't work that way. You have to file suit, get a judgment, then collect on the judgment. Consult with a good business attorney in your area for specific advice.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
First you have to establish an entitlement to the business proceeds. Then you can proceed to "reach and apply" the proceeds of the business to satisfy your judgment. There may be other options if the business owner has a number of creditors, none of whom are getting paid. You can feel free to email me with more details [email protected]
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