Q: Have a Q regarding signing ownership of a restaurant for someone?
My parents want to buy a restaurant but they cant in their name because they are immigrants , so they want me to sign the contract in my name so then i am going to be the owner but just that . What benefits will i loose if i sign that contract to have ownership of a restaurant that my parents going to own by my name? Please help!
A: There can be numerous implications when personally signing for a restaurant. Are you going to sign on the lease, the loan, or both? In any event, due to the high amount at stake in this situation, I would advise you consult with an attorney individually prior to signing any documents. A knowledgeable attorney will be able to review all of the documents prior to you signing them, and can thoroughly explain all of the implications of each document. Further, an attorney may be able to protect you personally if something goes wrong with the restaurant. Many of us offer free consultations, so it will not cost you anything to obtain a professional's opinion that is tailored to the details of your situation. A small investment of your time can save you and your family a great deal of time, stress, and money in the long run.
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