friends help: bad business decision- need professional advice. - Help.com



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bad business decision- need professional advice.

i bought a business recently. i am slowly catching the seller in costly lies. i’m not sure what to do. everything from the lease negotiations to the actual value of the business has not been valid. the contract says nothing about the specific problem with the lease. the problem is that apparently the owner of the building didn’t know that i had bought the business b/c the seller never told them he was selling it. the seller agreed to keep the lease in his name since he was going to be working from an office in the building & i could raise the extra money to switch it to my name. a friend of the owner told me today that the owners had no idea i was there and would not be happy. since the lease is in the seller’s name does the fault fall on me especially if he led me to believe otherwise? i don’t want to, but i can accept the loss of having to pay for the business i bought if i have to, but not losing the entire business b/c of his lies. i could be locked out of my building that i have been paying for as of tomorrow morning!!

This open post was written 12 months ago | V/U/S: 144, 3, 4 | Edit Post | Leave a reply | Report Post


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business, building, lies, pay, told, friends, Contract, Money, happiness, switch (How Tags Affect Reciprocity)

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mihrei offline Verified User (1 year, 1 month) Long Term User Shouts: 0 #
An Unknown Location | 12 months ago (3 minutes after post)

Yes but he has broke the law and u could take him to court for ur money back and compo plus he has broke the terms of his lease so he could also be evicted.

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beatricegalant offline Verified User (1 year, 4 months) Long Term User Shouts: 29 #
An Unknown Location | 12 months ago (39 minutes after post)

Before you took over the business, did you read the lease agreement? It should have said it that the original owner is not allow to sub-let it or sell it until his term ends. If it says it in the lease, it is him and not you, who is liable. Take the lease to a lawyer and have him/her take a look at it. You must do it for your own sake. Do you have a written agreement signed with two witnesses that you took over the business and the premises? What official document did the original owner of the business give you if any?

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Larry G offline Verified User (1 year, 9 months) Long Term User Shouts: 5 #
Washburn, ND, US | 12 months ago (15 hours, 30 minutes after post)

Each state may have different laws concerning this. My advice would be to find an attorney who deals with commercial real estate and see if he will do a free consultation about this. You have valid concerns about what the landlord may be able to do. I would not waste any time and do this right away.

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