Is contract valid if business name changed.

[Illan]

What is the name of your state (only U.S. law)? New York.

If I loan an X amount of money to a company with a pay back schedule of 5 years, but that company changes names, is the contract still valid.

For example, if Company ABC, LLC, changes its name to CBA, LLC. Is the contract still valid?


Thank you,

I

 

[quincy]

What is the name of your state (only U.S. law)? New York.

If I loan an X amount of money to a company with a pay back schedule of 5 years, but that company changes names, is the contract still valid.

For example, if Company ABC, LLC, changes its name to CBA, LLC. Is the contract still valid?


Thank you,

I

Yes. The contract is still valid.

You should attach to the contract any documentation from the state showing that the company has changed its name from Company ABC, LLC to CBA, LLC.

You cannot get out of a contract by changing names.

 

[Illan]

No name change, or contract for that matter has been made yet. I'm just doing my research of the "what if's".

Thank you for reply.

 

[quincy]

No name change, or contract for that matter has been made yet. I'm just doing my research of the "what if's".

Thank you for reply.

Oh. Well, it is smart to be prepared for all eventualities, no matter how unlikely they might be.

As long as no contract has been made yet, it is not too late for me to advise that you seek out an attorney in your area for help in drafting your contract, this to better ensure that all that needs addressing is addressed properly.

 

[Zigner]

See also https://forum.freeadvice.com/tax-law-12/loan-llc-taxable-611518.html for a second thread (actually, the first thread) started about this subject by the OP.

 

[quincy]

See also https://forum.freeadvice.com/tax-law-12/loan-llc-taxable-611518.html for a second thread (actually, the first thread) started about this subject by the OP.

I was apparently adding to Illan's tax thread a link to this thread at the same time you were adding to this thread a link to his tax thread. We are just so darn efficient on this forum.

 

[Illan]

Thank you for the great advice and the link to more information!

 

[quincy]

Thank you for the great advice and the link to more information!

The link was actually to your other thread.

Thank you for the thanks, though.

Good luck.