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| The current status of Ram Controls: |
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| bheineck:
--- Quote from: FrizzleFried on July 05, 2011, 01:31:45 pm ---My guess is that the folks who are owed thousands of dollars for phantom Star Wars cockpit machines would disagree with you and your "general consensus"... --- End quote --- Wrongo! or they would be going after Dan legally instead of Dave. I know you just love to disagree with me though. :blah: |
| leapinlew:
--- Quote from: FrizzleFried on July 05, 2011, 01:31:45 pm ---That said... thus far I've heard of nothing but positive about Dan and his efforts. --- End quote --- Brother lemming, welcome to the glass half full side. |
| Vigo:
--- Quote from: bheineck on July 05, 2011, 03:02:22 pm --- --- Quote from: FrizzleFried on July 05, 2011, 01:31:45 pm ---My guess is that the folks who are owed thousands of dollars for phantom Star Wars cockpit machines would disagree with you and your "general consensus"... --- End quote --- Wrongo! or they would be going after Dan legally instead of Dave. I know you just love to disagree with me though. :blah: --- End quote --- That's not really true. You can't assume control of a companies name, inventory, property etc without taking the liabilities as well if you are intending to continue to do business under that name. That would be fraud at least when it comes to business tax purposes. You would either have to register an entirely new business with the state under a new entity name, or file with the state that you acquired either a percentage of the company or the company as a whole. With the company acquisition comes liability. Ram controls cannot legally continue business without accepting it's own liability, no matter who is in charge. Now if Dan received the only inventory and started his own company called "Dan's controls", that's a horse of a different color. Technically in that sense, he only purchased product and is reselling under his own new-formed company. |
| bheineck:
--- Quote from: Vigo on July 05, 2011, 03:35:39 pm ---That's not really true. You can't assume control of a companies name, inventory, property etc without taking the liabilities as well if you are intending to continue to do business under that name. That would be fraud at least when it comes to business tax purposes. You would either have to register an entirely new business with the state under a new entity name, or file with the state that you acquired either a percentage of the company or the company as a whole. With the company acquisition comes liability. Ram controls cannot legally continue business without accepting it's own liability, no matter who is in charge. Now if Dan received the only inventory and started his own company called "Dan's controls", that's a horse of a different color. Technically in that sense, he only purchased product and is reselling under his own new-formed company. --- End quote --- Yah understood! However, my statements were based on the assumption as also stated in my post that Dan just took control of the inventory and domain name as he stated. Nodoby here other than Dan knows how he is reporting to the government. I am certainly no expert at business law, but maybe you are. :) |
| Vigo:
--- Quote from: bheineck on July 05, 2011, 04:23:00 pm --- --- Quote from: Vigo on July 05, 2011, 03:35:39 pm ---That's not really true. You can't assume control of a companies name, inventory, property etc without taking the liabilities as well if you are intending to continue to do business under that name. That would be fraud at least when it comes to business tax purposes. You would either have to register an entirely new business with the state under a new entity name, or file with the state that you acquired either a percentage of the company or the company as a whole. With the company acquisition comes liability. Ram controls cannot legally continue business without accepting it's own liability, no matter who is in charge. Now if Dan received the only inventory and started his own company called "Dan's controls", that's a horse of a different color. Technically in that sense, he only purchased product and is reselling under his own new-formed company. --- End quote --- Yah understood! However, my statements were based on the assumption as also stated in my post that Dan just took control of the inventory and domain name as he stated. Nodoby here other than Dan knows how he is reporting to the government. I am certainly no expert at business law, but maybe you are. :) --- End quote --- Yeah, I end up doing too much work with legal entities and business tax matters. It is the part of my job I like the least, but ended up getting recruited into the business tax dept from HR. I ended up mucking through the paperwork for acquiring a couple multi-state businesses with serious outstanding debt, splitting them and adding a percentage of the business to our own entity. A hideous, hideous mess. :banghead: I don't mean to pry into Dan's business affairs either. Dan's making good on the orders, and as long as that continues I don't think there would be a need for anyone to pry. :dunno I would guess that if any serious serious litigation came about to Ram Controls, Dan could be considered liable. Which is the reason why I believe that Dan set up a contract defaulting everything back to Dave in case it all hit the fan. I'm sure Dan is also interested in making good on the orders because he doesn't want to be stuck going back into a legal fight that wasn't his to begin with. Better to just repair the company reputation and look to the future. |
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