Tag Archives: Michigan

From a President is he personally respondsible for all debt from a…

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From a President is he personally respondsible for all debt from a corporation
I have a accountant that did corporation tax returns dating back about 15 years ago. And I was president of the corporation and the corporation went under and he still was billing on the corporation to me personally. The total is about 17,000.00 dollars now. He is my personal account and handling a Land Contract for me personally and the Payments that are made He took and Applied them to the bill of the corporation and now he is paid in full and Im broke with no money and my question is am I respondsible for all the past corporation bills personally. He says Im respondsible for all the debt of the corporation. Is this true?

The bills first came seperated and then the statements combined the two accounts and was put in my personal account. Then the account was changed back to the corporations name and my personal charges and Corporate where combined under the corporations name. Then later is was changed to my personal bill and he has taken all the money for the last year to pay off the account. I personally owe him about 2,000.00 dollars personally not 17,000.00 dollars.

Can you please reply to this question about this matter.

Thanks so much

Land Contract We purchased a house under a land contract last October.

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Land Contract
We purchased a house under a land contract last October. We would like to terminate this contact because everything is going wrong with this house. We did buy it as is. But we didn’t know there was previous water problems in the basement, termites, no heat vent upstairs and very low water pressure. They are very costly and we feel we have the house from hell. What can we do?

breach of verbal contract?

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breach of verbal contract?
I was talking with a mortgage company about purchasing a house on land contract. The person in question told me that if I took the money that I had saved and paid off my credit report that he would purchase the house we were discussing and sell it to me on land contract until I was able to obtain a mortgage through the company. He would then roll the downpayment, and all the closing costs into the mortgage so that I wouldn’t have to worry about any of that. I did what he told me and paid it off. Now he is refusing to follow through and I am without the funds to finance a move into a rental. Would this be considered a breach of contract even though it was verbal?

What happens if the new business owner breaks the land contract?

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What happens if the new business owner breaks the land contract?
We are subleasing our gas station business to new buyer. we are fiancing him short term (one month) part of the money till he gets all the reamining money from the bank( he is borrowing on his other houses – rental business). What happens if he does not come up the money? Can we legally ask him to forfeit his money ($90,000) if he does not com eup the money? what are the legal steps involved to get our money and also to get him out of the gas station if he does not bring the remaining money. We plan to have a land cotract short term like a brifge loan.

Thnaks