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I am asking actually because I have a business and a potential partner is about to file Chapter 7. He has a retail store that is actually worth saving. We were going to form a new LLC, the other company I have is a wholesale company. Is it wise for me to do this while he is in Chapter 7 or should I wait? His bankruptcy is over 4 million dollars. I have spent a great deal of time creating my brand and do not want to tarnish it with anything negative. What would you advise ?
Would it be okay for him to be an employee or a contracted basis ?
Okay, so he basically has a little bit of inventory. I am going to use a new name and renegotiated the lease. I realize I would need to purchase the inventory from him but is there anything else ? He has no goodwill.
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