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lwpat, Attorney
Category: Legal
Satisfied Customers: 25386
Experience:  Actively practicing trial attorney
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We owned a business for 3 1/2 years as a subcontractor in the

Customer Question

We owned a business for 3 1/2 years as a subcontractor in the construction industry and rental service. On February 8, 2010 we signed the business back to the original owner, due to having more out go than income. He in turn sold the business to another business in town. Our bank is now telling us that we can not deposit checks with the business name on them into our account. We opened the account under our inc. dba. I am still collecting on receivables due us for services preformed before signing the business back and they are sending checks with the business name on them. What can we do so that we can deposit the funds due us? We live in OR.
Submitted: 6 years ago.
Category: Legal
Expert:  lwpat replied 6 years ago.
The bank is correct. You sold the business and the business name and can no longer use that designation. This should have been taken care of by your attorney in the transfer of the business. Now your only choice is to get new checks issued in a new name or get the party that now owns the name to deposit them for you and refund you the money.

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