I have Spa with 2 locations (in Florida under s-corp w/ pers guarantees). Location#1 (paid for) opened 8 yrs ago with excellent branding. Location#2 (BIG DEBT) opened 2yrs ago-with the economy and an internal theft of $40k while I was on maternity, and business construction loans I just can't manage the overhead/stress any longer. Lots of back rent due for both locations.
My house is in forclosure (couldn't pay myself enought to keep it, so I let it go). Husband doesn't have any thing tied to the business. going to file ch 7 and walk away...kinda!
Question: I understand that Landlord has 1st right of lien on biz assets, since I am WAY behind. Attorney recommended striking a deal that LL takes ownership of assets, Biz is closed and reopened under different name and I am hired as manager...with option to buy back biz in future by paying him the arreared rent. I keep an income, he keeps a business that will pay his building rent. Is this legal?
My house is in forclosure (couldn't pay myself enought to keep it, so I let it go). Husband doesn't have any thing tied to the business. going to file ch 7 and walk away...kinda!
Question: I understand that Landlord has 1st right of lien on biz assets, since I am WAY behind. Attorney recommended striking a deal that LL takes ownership of assets, Biz is closed and reopened under different name and I am hired as manager...with option to buy back biz in future by paying him the arreared rent. I keep an income, he keeps a business that will pay his building rent. Is this legal?