Legal Question in Business Law in Ohio

Now what

I sold my company in April 2007. The purchaser did not pay the whole amount of the money that was due on the time period stated in the contract. Since then, I have found out that my name is still on tax documents stating that I am majority business owner. In addition, my name is still on the lease contract with the building.

Is the contract null and void? Do I still own the business? And what is the consequence to me for having my name not taken off of important documents?

Thanks for you time !


Asked on 2/01/08, 4:39 pm

2 Answers from Attorneys
Jamie Schneier Petronzio Schneier Co., LPA

Re: Now what

You should contact a local business attorney. You have left yourself open to various liabilities. For example, if you signed the lease personally, you remain liable, despite the fact you may have sold the business. You should take steps to cutoff or end your liability and consider what claims and rights you have against the buyer.

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Answered on 2/06/08, 8:18 am
Gregory Napier Troutman & Napier, PLLC

Re: Now what

Ordinarily I try to give at least some general information, but this situation is fact specific and the consequences are big enough that you really just need to take all your documents in and consult with an attorney.

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Answered on 2/05/08, 11:57 am


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