Legal Question in Business Law in Oklahoma
Sold Company - Do I Revoke Financial Responsibility?
Last February, I sold my pageant production business. The buyers are currently making payments on it until March of next year, however, we did sign a ''Bill of Sale''. During my tenure as Director, I crowned 6 winners who earned scholarships totaling $1,600. Now that I have sold the rights over to the current business owners, am I still bound to pay these ladies their scholarships, or is it the responsibility of the current owners to take all financial responsibility? Thanks for your reply!
1 Answer from Attorneys
Re: Sold Company - Do I Revoke Financial Responsibility?
The answer to your question depends on a number of factors including the allocation of financial responsibility in the sale documents and the terms of the scholarship award. That being said, if a business is sold, typically the assets are transferred to the new operator along with the liabilities. Because you are receiving payments and only have a bill of sale instead of a true sale agreement your situation may not be typical.
Related Questions & Answers
-
Completed contracting job, can't get paid by company who hired me I was contracted... Asked 10/05/05, 4:26 pm in United States Oklahoma Business Law
-
Church incooportation Our church is not incorporated in Oklahoma. We are being given... Asked 11/07/04, 2:54 pm in United States Oklahoma Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
