Legal Question in Business Law in Minnesota

trying not to lose my business

I recently attempted to sell my company to an individual adn he has made timely payments for the comapany. In addition it stated in the purchase agreement that he would hied me to run said business. Since then I have not been paid for coming up on 8 weeks and he has missed anthor payment. The purchase agreement is lacking a segement about if he defaults. Isnt there something in the law that gets me my company back if he doesnt pay?? Can I take him to court for control of my company? I was told that all I can do is sue him for each late payment, is that all I can do?? Just doesnt seem right.


Asked on 12/20/05, 8:56 am

3 Answers from Attorneys
David Anderson Anderson Business Law LLC

Re: trying not to lose my business

You need to take action immediately to secure your rights and ensure that your business is not dissapated prior to suit (if necessary).

Call or e-mail for assistance. I am currently involved in 6 business sale transactions and these issues are time sensitive.

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Answered on 12/20/05, 3:39 pm
Sam Calvert Calvert Law Office

Re: trying not to lose my business

I agree with the prior two posters -- you must immediately have your contract documents (all of them) looked at by someone who has experience in securing business assets. Who drafted the documents for the sale? If that person was working for you, I would also call him or her and ask what remedies you have. I would then have that statement checked out by your own attorney.

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Answered on 12/21/05, 9:13 pm
Steven Vatndal Law Office of Steven J. Vatndal

Re: trying not to lose my business

I must see the contract any accompanying documents (deed, bill of sale, etc.) that exist. Lack of default provisions in the contract will limit your options, but more detail is needed. [email protected]

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Answered on 12/20/05, 9:26 am


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