Maybe. Did you buy stock or assets. If stock, then definitely. If just assets, you are not legally liable. If you bought the LLC, that would be the same as buying stock. However, if you bought assets, did you buy the remaining portion of the lease? If so, you probably bought his interest in the lease, meaning the past dues. Finally, assume that you only bought the remaining portion of the lease. If the landlord did not consent, then he is not obligated to honor your agreement and can demand that you pay the back amount to stay there. If you did not talk with an attorney before you bought the business, talk with one now. If you did consult with an attorney, ask him or her about the issue.
Answered on Dec 18th, 2013 at 10:19 PM