Bought an existing business with a really bad vehicle... what to do?

I'd go with this guy's advice. I had a coupe of semesters of basic law stuff in college and I'd say my answer wouldn't be worth printing. I'm sure you can find a lawyer to look at this. And as a business owner, knowing and retaining a good lawyer is probably a pretty smart idea anyway. As a business owner, you have a lawsuit target on your head and your company. That's just the way it is these days.

 

First, just forget planning on a lawsuit, I don't see one there. Your due diligence is needed to inspect the equipment as part of the assets of the company when you considered the purchase.

Second see if you can get it fixed cheap and talk to your accountant if he or she things to trade it in for something better or sell it outright and taking the loss from the sale (there should be an asset value attached to it within the disclosure agreement). I think you can a little money into it, dump it and take the loss to offset your tax liability.

Third is box reefers are cheap, unless you haul heavy all the time, you can find a truck that will replace it quickly.

 

That's about the most intelligent thing anyone ever posted on TRR.

 

Dont get used to it though, it was a very temporary mind lapse on my part.....

Martin