Legal Question in Business Law in Michigan

Re: Sale/Transfer of Small Business

You may purchase the assets only of the business, but I would have the tax-lien paid out of the proceeds of the sale at closing. If not, I would have a very specific indemnity agreement drafted wherein your seller would indemnify you against any claims for taxes. If the seller is financially well off and not insolvent, this may be an option, but paying the liens off at closing is still preferable. For more info., please contact me at (248)851-3171.

Re: Sale/Transfer of Small Business

This is NOT something you can do with a free on-line service. You need to get a good business lawyer and sort this out with her. Whether the debts travelk or not will depend on what is agreed to, because contracts may have been drawn up by the business, as opposed to by the individual owner(s). Do not buy/sell without getting competent advice from a business lawyer (NOT, a general practitioner)

Re: Sale/Transfer of Small Business

Often times, buyers of a business believe they are simply purchasing the assets and name of the business. But later find out they are subject to what is known as "successor liability". To help avoid this type of liablity, due diligence should be conducted before the sale is closed and a solid purchase agreement drafted. Our firm specializes in representing businesses of all sizes. If you wish to discuss your situation in further detail, I can be reached at 586-979-7302.

Janet M. Ziulkowski

(586) 979-7302

(www.ziulkowskilaw.com)

([email protected])