Legal Question in Business Law in Oregon
I have a small franchise business. I am licensed as sole proprietor. I am still paying the previous owner $535 a month and have $21,000 left to go and I am also paying the corporation close to a $1,000 a month. I have separate contracts with both. The business is going under and I'm thinking about filing bankruptcy. Do I need to change my license to an LLC and could I get sued from either the previous owner or the corporation?
1 Answer from Attorneys
Any franchise attorney will say transferring your license to an LLC requires the permission of the franchise company. It's not possible to say about the previous owner, as the contract of sale needs examination. And why would you do that if you are going to file bankruptcy? You should consult with a bankrupcy attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
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