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William B. Esq.
William B. Esq., Attorney
Category: Legal
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Experience:  Civil litigation attorney for individuals and businesses.
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my restaurant is involved in auto accident, the business liability

Resolved Question:

my restaurant is involved in auto accident, the business liability insurance doesnot cover, then can I closed down the restaurant, and open up in different business name, at same location and same owner, since I am not use same business name?
Submitted: 1 year ago.
Category: Legal
Expert:  William B. Esq. replied 1 year ago.

Dear Customer,

 

Thank you for choosing Just Answer. I would like to assist you with your legal question today.

 

The legal liability for things such as auto accidents follows the business entity, not the business name. This means that if you were operating your current restaurant as an LLC or a corporation, the liability would attach to that business entity and any assets that it owned, and a new business could take its place (this can be more complicated, but that is the basic idea). If you do not have a corporation or an LLC, the liability will go to you personally and any assets you currently own as a sole proprietor and you will be unable to avoid this liability regardless of the name change or whether you opened up a new business using one of these entities.

 

I hope my answer is helpful, if you have any further questions please do not hesitate to ask and I will follow up promptly.

 

William B. Esq., Attorney
Category: Legal
Satisfied Customers: 3240
Experience: Civil litigation attorney for individuals and businesses.
William B. Esq. and 5 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

I mean if I applied bankruptcy, so can someone else open up a same kind of business at the same location?


 

Expert:  William B. Esq. replied 1 year ago.
Another person may own and operate a new business at the same location.

You could open a new business in the same location (or continue operating the same business) after a bankruptcy filing.

The liability would only attach to you and your assets. (If you decided to declare bankruptcy, and you owned the property, this would be included in a bankruptcy filing and would be considered part of the bankruptcy estate. This means the bankruptcy trustee could sell the property in order to pay some of the creditors during the bankruptcy proceeding.)
William B. Esq., Attorney
Category: Legal
Satisfied Customers: 3240
Experience: Civil litigation attorney for individuals and businesses.
William B. Esq. and 5 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

If another person open up a new business in different name, but it is same kind business as mine. (ex. pizza restaurant,). Does new business need to responsible for my liabilities?

Expert:  William B. Esq. replied 1 year ago.
No, the new business is not responsible for your liabilities.

Customer: replied 1 year ago.

"could open a new business in the same location (or continue operating the same business) after a bankruptcy filing."


How can I still running a business after a bankruptcy filling?


A Bankruptcy , is that means it will force to sell all the assets and equipment of the business for debtor.

Expert:  William B. Esq. replied 1 year ago.
The ability to continue operating your business beyond bankruptcy depends on many factors, you need to speak with a bankruptcy attorney who can review your finances and give you a personal evaluation of your options. As an individual, bankruptcy is designed to"give the honest, but unfortunate, debtor a fresh start".
This often includes an ability to continue a personal business, but yes, it will be impacted by the bankruptcy.

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