Legal Question in Business Law in New York

Much of it depends on the purchase agreement you signed with the seller. Many agreements contain representations and warranties (i.e. promises) made by the seller that the business is in compliance with all laws and ordinances. Some agreements even specify a recourse to such a breach. So the first step would be to examine the purchase agreement.

If the purchase agreement does not address this scenario, then you can sue the seller for misrepresenting the well being of the business and possibly even for fraud.

Feel free to contact my office at your earliest convenience to further discuss this matter.

Roman R. Fichman, Esq.

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