Legal Question in Business Law in Oregon

My business partner and I have an LLC. We just closed the business because we did not make any money. We have 10 more months on our merchant services agreement or we have to pay $600 in early cancellation fees. we do not have this money and it will go to collections. Will this effect us personally? Will it ruin our personal credit?


Asked on 7/26/10, 12:38 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will say it should not affect your personal credit, unless you co-signed personally on the merchant services agreement. Hopefully the agreement is only between your LLC and the merchant. Consult with a good business attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 7/26/10, 4:38 pm


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