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I have a contract for royalties, from a small chimmney lining

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company in West Virginia....
I have a contract for royalties, from a small chimmney lining company in West Virginia. These royalties are for a life time for me. Problem is I do not ever know when I will be getting thses royalities. I am also being taxed for the royalities. These taxes are added into my yearly income and forces to pay out taxes to the goverment. Without these royalities I would be having money coming to me from the goverment. I wish to be bought out of the contract. The owner's do not have the money to buy me out!! Do you have any suggestions??
Submitted: 8 years ago.Category: Business Law
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Answered in 7 minutes by:
4/2/2009
Business Lawyer: Law Educator, Esq., Attorney replied 8 years ago
Law Educator, Esq.
Category: Business Law
Satisfied Customers: 121,086
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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I understand your frustration and your only option here, as the attorney may have pointed out, is to sell your royalty rights to someone else, that is unless the royalty agreement/contract you signed specifies the rights are non-transferrable. If the contract does not specify you cannot transfer those rights, then you need to look for someone to sell the rights to and they you would pay taxes on that sale (unless you show a loss, which a good accountant would do) but you would be done with it. Also, before you make this decision, I would also discuss it with a financial planner to do the amortization to determine what you will get over your lifetime compared to the cost in taxes to determine if it is a wise or foolhardy move.


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Customer reply replied 8 years ago
If this business went bankrupt how does that effect the contract?
Business Lawyer: Law Educator, Esq., Attorney replied 8 years ago
Well, that was quite an important fact to leave out. If the business went bankrupt and is no longer operating, then the agreement is no longer valid. If the business just underwent reorganization, then the contract would still be honored and the above would still apply.
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Customer reply replied 8 years ago
As far as I know they have not gone bankrupt, but with the economy the way it is, I was wondering about the what if's. So the business would have no oblication to honor the contract if they did file bankruptcy? I does state in the contract that if he sold the business the my contract would be included with the sales.
Business Lawyer: Law Educator, Esq., Attorney replied 8 years ago
If the company goes bankrupt then the contract is no longer valid, since all obligations/debts can be extinguished in bankruptcy.
Law Educator, Esq.
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Customer reply replied 8 years ago
So this is a take chance situation. Thank you for your time and and suggestions!! Have a good one and take care!!! Thanks again
Business Lawyer: Law Educator, Esq., Attorney replied 8 years ago
Yes, it is a take a chance situation.
Law Educator, Esq.
Category: Business Law
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