Legal Question in Business Law in New York
Buying a business
In 2005 I bought a bar that was in trouble It was an auction and one of the partners became my partner. Now my partner wants the business to pay for the lawyer, because the business is getting sued from what happened in 2004. Does the business have to pay for it, even know that I was not an owner in 2004?
Asked on 9/21/06, 7:14 pm
1 Answer from Attorneys
Mark S. Moroknek
Kelly & Curtis, PLLC.
Re: Buying a business
This is a matter of negotiation; your partnership agreement should provide for such matters and if it doesn't, before the business becomes liable for
new debts as a result of old problems, or his problems, you should either amend the agreement or add a provision that will compensate you in the event you incur a loss on his behalf.
Please do yourself a favor and consult an attorney.
Answered on 9/21/06, 10:49 pm
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