Legal Question in Business Law in Pennsylvania

Recently purchased business

My husband and I recently bought a business.We put a down payment and are paying monthly the balance.In the contract, it was stated that all licenses and insurance policies would transfer over to us at the time of purchase. We later found out (after signing the contract) that nothing would transfer over. We needed to pay to get all new licenses and ins.policies. We also paid the phone bill for dates prior to the contract signing date. We deducted these fees from our first payment and stated the reason why it was being deducted. Do we legally have the right to deduct these payments that we needed to make?


Asked on 4/22/09, 7:53 pm

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Recently purchased business

You asked about post-closing problems.

So why are you seeking legal advice now? It obviously wasn't important before the sale. When someone wants to go into business they need two things, 1) moxy, and 2) a good lawyer.

Without reviewing the contracts and other documents involved it is impossible to tell if your action is defensible.

Make an appointment with a lawyer and bring all your documents. Remember the old sayings, an ounce of prevention..., a stitch in time..., pay now or pay more later.

If you had hired attorney before the purchase then these problems would not be there.

Regards,

Roger

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Answered on 4/26/09, 9:29 pm


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