My question involves business law in the state of: North Dakota.
I have a small business. Recently i had to close my business. I couldn’t afford the rent anymore. I was taught to accept Prepays (customers pays up front for their food for a certain number of times. and then gets bonus food for doing so) to then use the prepay money to pay rent.
This worked for a while. then it stopped working.
The amount of prepay money that people are asking a refund for exceeds the amount i have. even after i have sold product back to the company and other vendors. even selling the furniture.
Am i legally obligated to pay them all back? even if i don’t have the money? and since i don’t have my business anymore i don’t even have personal money to pay back with.
I have offered to these people that they transfer the prepays to my brothers business. which offers the exact same service. just a different location.
I have a small business. Recently i had to close my business. I couldn’t afford the rent anymore. I was taught to accept Prepays (customers pays up front for their food for a certain number of times. and then gets bonus food for doing so) to then use the prepay money to pay rent.
This worked for a while. then it stopped working.
The amount of prepay money that people are asking a refund for exceeds the amount i have. even after i have sold product back to the company and other vendors. even selling the furniture.
Am i legally obligated to pay them all back? even if i don’t have the money? and since i don’t have my business anymore i don’t even have personal money to pay back with.
I have offered to these people that they transfer the prepays to my brothers business. which offers the exact same service. just a different location.
Business Finance: Small Business Closed. Prepay Customers Refunds
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