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  1. #1
    Join Date
    Jan 2012
    Posts
    2

    Default Collection of Debts After Going Out of Business

    My question involves business law in the state of: Florida.

    My father owns a business in Florida. I have recently heard they are going out of business and owe suppliers (or the bank, not sure) some money because some customers have not paid them. I still live with my parents in Florida. They also own a house in Ohio. I have found out that they cannot take our house in Florida (our primary residence) but may be able to take the house in Ohio to pay off the debt. He is a part owner and president with 2 other co-owners, one being the VP.

    So, can they take the house in Ohio? Can we sell the house in Florida and change our primary residence to the house in Ohio?

    I am sure I will have some more questions. I just cannot think of any right now.
    Thank you for any help.

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Going Out of Business

    Without knowing the legal structure of the business, how the homes are titled or how the agreements were signed and what terms they contained, we cannot accurately answer these questions. They are best handled by a lawyer with first hand access to the records.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Going Out of Business

    Your father needs to be discussing the details of his situation, whether or not the business is incorporated and the nature of the entity, whether or not he has personally guaranteed any debt of the business, whether or not there may be tort claims arising from the winding down of the business, and other relevant considerations with his business lawyer. We know far too little about the situation to give you any reassurance.

  4. #4
    Join Date
    Jan 2012
    Posts
    2

    Default Re: Going Out of Business

    Thank you. We have been finding out little by little, what is going to happen and how. Thank you for the reply.

  5. #5
    Join Date
    Jan 2010
    Location
    New Jersey
    Posts
    3,666

    Default Re: Going Out of Business

    Quote Quoting JDrama
    View Post
    Can we sell the house in Florida and change our primary residence to the house in Ohio?
    If your asking if he can "sell the house in Florida, pay off the creditors with that money from the sale of that house, and live in the house in Ohio happily ever after?" Absolutely...

    But he can't sell that house in Florida, hide/blow the money and live in the house in Ohio without legal trouble.

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