QUESTION
Can I make an asset puchase (the customers only) without any of the selling company''s creditors (also owes government) coming after my company?
Asked on Aug 18th, 2011 on Business Law - North Carolina
More details to this question:
I currently own a S Corp wanting to buy customers only from a similar business. Selling business owes State sales tax and could have possible IRS problems (no tax returns filed in years). Owes several creditors and a loan. Can I buy just the customers without govt, creditors etc coming after my company for those debts?
1 ANSWER
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The questions is what is left once you buy the customers. If all that is left is a empty shell, and the company does not have the means to pay its creditors, gov't included, you will not be able to get the assets free and clear of those claims.
Answered on Aug 22nd, 2011 at 11:19 AM