Legal Question in Business Law in New York
Business buy out
My brother is on the verge of either having his liquor license suspended or revoked. He suggested that I buy it and the business from him before going before a judge. My question is: can it be done? can the liquor license and the business be bought while there is legal matters going on? they haven't been to court yet. I'm afraid to ask the bank for a loan and found out afterward that i cannot purchase the store. What are your suggestions
1 Answer from Attorneys
Re: Business buy out
You should speak with an attorney prior to making a decision. It is unclear why the license is at risk for suspension and/or revocation, but there is a good chance that you are at risk of losing the license even if you make arrangements to buy it from your brother. Please feel free to contact my office if we may be of any assistance to you in this matter.
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