Michael Hales' answer There are going to be a number of ethical issues here for attorneys. For example, there are rules about referral services like this as well as how the attorneys would be paid. Because there are so many issues to discuss, I'd recommend finding an attorney to review this all in detail.
Michael Hales' answer It will effect you if you buy the business along with its current obligations. For this reason, it's important to structure the sale so that it protects you against claims directed at the former owner.
Michael Hales' answer I had a very similar case in Orlando a few years back. The parties were planning a joint venture, but it never went through. Unfortunately, my client made some verbal promises that the other party relied on and started moving forward as if they agreement had been made. My client didn't stop him even though he knew this was going on. Keep in mind that verbal contracts will be enforced if there is evidence (like some action being taken by the other party) that an agreement was made. This case...
Michael Hales' answer This is a great question and one I am addressing in my business law class right now. Although about 60% of businesses in Idaho operate as sole proprietorships, there can be a great benefit in operating as an entity. The primary reason tends to be that you can limit some liabilities if you operate under some business entity form. The preferred entity among most Idaho attorneys is the limited liability company (LLC) because it can protect personal assets, although these protections are somewhat...
Glenn B. Manishin's answer That depends entirely on the terms of your LLC "operating agreement," but those corporate formation documents (and LLC laws generally) typically shield members and owners of an LLC from all personal liability.
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