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Allen M., Esq.
Allen M., Esq., Employment Lawyer
Category: Employment Law
Satisfied Customers: 15472
Experience:  Employment/Labor Law Litigation
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IF AN OWNER OF A COMPANY SELLS OR FORFEITS THE COMPANY IS HE

Resolved Question:

IF AN OWNER OF A COMPANY SELLS OR FORFEITS THE COMPANY IS HE ENTITLED TO VACATION PAY AS WELL AS THE LAST WEEK WORKED WAGES?
Submitted: 1 year ago.
Category: Employment Law
Expert:  Allen M., Esq. replied 1 year ago.

Thank you for your question today, I look forward to assisting you. I bring nearly 20 years of legal experience in various disciplines.

 

I'm sorry, but the owner of the company would receive these funds from whom?

 

If he is the owner, who would owe him these funds? I'm just trying to figure out what the question is really directed at here.

 

 

Customer: replied 1 year ago.
THE FUNDS WOULD COME FROM THE NEW OWNER.
Expert:  Allen M., Esq. replied 1 year ago.

Well, the new owner would be liable for any legal debts of the company, to include appropriate wages to the previous owner for the last week worked.

 

The new owner would only be liable for vacation pay if there was a specific policy in place, prior to the signing of the purchase documents, where the owner had specified that vacation pay was to be paid out at termination.

 

All of this though, in a business sale, should have been expressly stated in the written agreement between the parties before the transfer of ownership.

 

 

Customer: replied 1 year ago.
THIS WAS A TAKE BACK FROM THE PERSON WHO HAD PREVIOUSLY PURCHASED THE BUSINESS BUT WAS UNABLE TO KEEP IT BECAUSE HE WASN'T MAKING HIS PAYMENTS.
Expert:  Allen M., Esq. replied 1 year ago.
I see that you have rated my service as poor.

Would you care to explain that rating to me? What about my service was poor? I answered the question with the limited information that you gave in your question.

I don't understand rating my service as poor for not answering the question based on facts that you didn't give me. You specifically were talking about a "sale" in your first question.

If this is a take back that doesn't change the answer. The person taking over the company is liable for any legal debts of the company. That would include wages for the owner and, if the company had a written policy of paying out accrued vacation pay, that would be payable too.

I would ask the you reconsider the negative rating you have given me.
Allen M., Esq., Employment Lawyer
Category: Employment Law
Satisfied Customers: 15472
Experience: Employment/Labor Law Litigation
Allen M., Esq. and other Employment Law Specialists are ready to help you
Customer: replied 1 year ago.
SINCE WE DIDN'T AGREE TO ACCEPT ANY OF HIS LIABILITIESK, I FOUND OUT THAT WE ONLY OWE HIM WAGES. SORRY BUT YOUR ANSWER DIDN'T HELP ME. I HAD TO GO TO ANOTHER SOURCE.
Expert:  Allen M., Esq. replied 1 year ago.

That was the exact answer that I gave you.

 

I said that you had to pay his wages.

 

My answer concerning your having to pay his vacation was only true if you were purchasing, as your original question suggested this could be a purchase. If you were purchasing, then you'd have been liable for the vacation ONLY if his company had a specific written policy requiring that vacation be paid out at termination.

 

I'm sorry, but to the extent that my answer didn't focus solely on a business take over, I can hardly be blamed for that when you are the one that specifically mentioned a company sale in your question.

 

I don't expect you to accept the answer, but I will ask you that you remove your negative rating of my answer....which correctly answered your first question, even if that wasn't the correct question.

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