Legal Question in Business Law in Texas

Is it Texas Law to give Financial Records when selling a business?
I recently sold a business. I hired an attorney who wrote up the purchase contract. The buyers agreed to and signed the contract. Nothing was written into the contract regarding the company's financial records, nor did the buyers ever request to see or obtain a copy of the financial records prior to purchasing the business. Now, three months later, they are requesting all of my tax records relating to the business (which are now deep in storage, as I am preparing to relocate). Am I required by law to get these documents to them?

Asked on 10/29/02, 6:51 pm

Peter Bradie Bradie, Bradie & Bradie

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Re: Is it Texas Law to give Financial Records when selling a business?

No. Not until there's a lawsuit for misrepresentation which is probably coming.

Touch bases with the attorney that drew up the contract documents, and let him know what's coming down. He'll probably be directly involved.

Answered on 10/30/02, 10:36 am

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