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Good afternoon; I sold my manufacturing business in November

Good afternoon; I sold my manufacturing...
Good afternoon;

I sold my manufacturing business in November of 2012. I just received a notice from the US Post Office that a forwarding request has been submitted for all mail that has to do with my company's name. My only concern is that I will not receive information or other documents that I may need as the past owner of the company. I am not sure what documents or information that may be; but just wondering if this is standard practice and if there is anything I need to be aware of -- and, is it legal for them to do this without notifying me. Thank you so much.
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Answered in 2 minutes by:
6/19/2013
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 56,025
Experience: 32 years of experience practicing law and a businessman.
Verified
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good morning. Did you sell the ownership in the company itself or did you sell the assets? Thanks.

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Customer reply replied 4 years ago

It was an asset purchase.


 


 

Thanks. I'm going to opt out to allow an expert with more specific experience in this area to help you. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.
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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25,285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
Verified
Thank you for the post, I am happy to assist you by answering your questions. Was the purchase inclusive of the business name?
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Customer reply replied 4 years ago

to be honest, I am not sure. I will have to go back to the Asset purchase agreement and look. In reality, I don't really care if the mail is forwarded. I am tired of sending them their checks and bills. What I care about is if this will cause me any problems by no longer receiving any type of mail regarding my past business. I have had many little detail like this cause me problems and I just want to make sure I am covering my back side. If this is standard practice, then I don't want their mail anyway. I am delighted to be rid of it all. But just last week I got a notice from the BWC telling me that my unemploymemt insurance account is still open and an employee filed a claim. I had to fill out some paperwork to close the account. I would of course not have gotten this if all mail was forwarded. Then what? Is there other legal issues that i may be notified of that I will miss that might cause me problems? If not... then great. Let them change the address. THANKS

It is a standard practice for a business to receive its mail directly, without necessity of it being first received by a former owner. When you sold the business, as part of the transfer of all liability to the new owner, there should have been a filing with the secretary of state changing the owner of record and registered agent. Do you know if this was done?
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Customer reply replied 4 years ago
I did have something filed. It was to close the business. I just checked the Ohio Secretary of State and the status of the business is "dead".

ok good, then you can forward the mail to the new owner without concern of any claim against you arising from the current operations of the business. Hopefully, in your purchase agreement the buyer agreed to assume liability for any claim against the business not raised at or before the closing on the purchase of the business. Please let me know if this does not answer your questions or if you have any follow up questions. If I have answered your questions, please positively rate my answers.

MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25,285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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