Appellate Practice Attorney serving New York, NY
If you buy the assets of the business, as opposed to the stock (if it's a corporation) or equity (if its another kind of legal entity), you should not be liable for any of its debts. However, you have to make sure that (a) you pay fair consideration for the assets; (b) that there are no liens, security interests, or any other restrictions on the sale of any of the assets (for example, a tenant normally can't assign a lease without the landlord's consent.)
Answered on May 01st, 2014 at 5:20 PM