Legal Question in Business Law in New York

Taking Back A Business
I recently purchased a beauty salon, on terms of a payment plan from a friend. Less then a month later business is booming and she now wants the salon back; a contract was written up signed and notarized by both parties. All leases and bills are currently still in her name till final payment is made (as per written agreement). I have already invested additional funds into the salon. My question is... DOES SHE HAVE THE RIGHT TO TAKE BACK THE SALON?

Asked on 9/08/08, 12:36 pm

4 Answers from Attorneys

Kristen Browde Browde Law, P.C.

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Re: Taking Back A Business

Almost certainly not. But ultimately it depends upon what your contract says.

Answered on 9/08/08, 12:39 pm

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Nancy Delain Delain Law Office, PLLC

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Re: Taking Back A Business

Without seeing the actual conveyance of the salon from her to you (the contract), it's hard to answer your question. The answer lies in that conveyance.

Take the contract to a business attorney who is local to you (there are piles of them in your area) and get an opinion as to its validity and completeness, as well as the definitive answer to your question.

Yes, you will have to pay for that, but it will be money well invested in your business.

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Answered on 9/08/08, 12:43 pm

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