Legal Question in Business Law in Texas
LLC and closing a business
I purchased a business 4 months ago. My husband and I formed an LLC for the business. I feel I didn't have the full story concerning monthly sales and now may have to close the doors as I have run out of money. The previous owner financed a chunk of the business. If the LLC files bankruptcy, can the owner financing be dismissed? I don't want to not pay the lady, but I don't have any money left. What if I close my doors, don't file bankruptcy, but can't pay the loan back?
Asked on 2/05/08, 9:09 am
1 Answer from Attorneys
Johm Smith
tom's
Re: LLC and closing a business
You obviously didn't use an attorney to buy the company; so please learn from that mistake and get one now. This is very serious.
Answered on 2/05/08, 5:19 pm
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