J
janices7
Guest
In January 01, we sold an internet gift business for around $35K to a couple in PA (we live in VA). In the sales agreement, my partner and I agreed to a 2 year non-compete which includes not operating any internet gift business in the United States. The portion of the $35K allotted for the non-compete agreement was $3K.
Since January, I have become disabled and my only hope of working is through a home-based business. I have an opportunity to be an internet gift distributor which would be great -- except I'm stuck in in this non-compete agreement for over another year. What is the worst that could happen if I actually opened this other business? Would my liability be limited to the $3K the purchaser paid for the non-compete OR could they sue for more if they actually found out that I was running a business? Any advice is greatly appreciated. Thanks.
Since January, I have become disabled and my only hope of working is through a home-based business. I have an opportunity to be an internet gift distributor which would be great -- except I'm stuck in in this non-compete agreement for over another year. What is the worst that could happen if I actually opened this other business? Would my liability be limited to the $3K the purchaser paid for the non-compete OR could they sue for more if they actually found out that I was running a business? Any advice is greatly appreciated. Thanks.