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Maverick, Attorney
Category: Legal
Satisfied Customers: 5749
Experience:  20 years experience as a civil trial and appellate lawyer
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I am selling my business (sole Prop) to someone that has set

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I am selling my business (sole Prop) to someone that has set up a corporation and wants the purchase agreement in my name and the name of the corporation he has formed. I am holding 75% of the purchase price, the buyer is paying back over 7 years. He is signing a prom note personally, as is his spouse. Does the prom note tie him personally to the deal, or must his name appear in the actual agreement? My concern was that if the business went under before repayment, he could walk away. Thanks.
Submitted: 5 years ago.
Category: Legal
Expert:  Maverick replied 5 years ago.

Welcome to Just Answer! My name isXXXXX very much enjoy what I do and I hope that you will benefit from this information.


If they are willing to sign a promissory note personally and the corporation is also signing the note, then you are fine. All three will be on the hook for the note. In the promissory note, you can refer to the deal if the deal is documented in a separate set of papers.



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