Brooklyn, NY asked in Business Law and Collections for New York

Q: i have sold my cooperation to someone recently, and i have some people that i had money disputes with in that business

can that people still sue me for that?

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1 Lawyer Answer
Allen Charles Frankel
Allen Charles Frankel
  • New York, NY
  • Licensed in New York

A: Note: I am not your lawyer and this is not legal advice. Additional information is needed regarding the natures of the sale of the corporation and the money disputes. For example, generally, a sale of a corporation can be structured for the transfer of the corporate shares, or for sale and purchase of the assets only. Furthermore, transaction documents might provide for the seller to be responsible for some period of time for liabilities (often described as indemnification). Also, the nature of the disputes can determine whether there is personal liability against you. Note that a person can always be sued, but may have defenses such as not being a proper party to the law suit. Try consulting with an attorney to determine how the sale was structured, and to analyze the potential liability claims.

Tim Akpinar agrees with this answer

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