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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 111568
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I own a corporation. Corporstion owns a delivery route franchise

Customer Question

I own a corporation. Corporstion owns a delivery route franchise (financing). Also has a truck lease. Can I sell corporation? Purchasee agrees on continue payments on franchise and truck. Those are under coeporarion name. Its a llc.
Submitted: 7 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 7 years ago.
If everything is under the corporation/LLC, then the corporation/LLC is liable for those debts, unless you have signed a personal guarantee for those debts. Thus, you specify in the sale agreement that they are acquiring the corporation/LLC including all debts and assets and assume liability for those debts. If you have any personal guarantees with any creditors, you need to contact those creditors and get the buyer to substitute their guarantee for yours with the creditors to remove your liability in case they fail to pay.

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