Q: Hello, I am thinking about buying a small inc. auto repair business in west palm beach Florida.
Hello, I am thinking about buying a small inc. auto repair business in west palm beach Florida. I know he has many small debts, suppliers exc. and pretty sure he has not filed for income tax for years. If I was to buy this company under an asset purchase, would I be held accountable for any repercussion for his actions. Is their any forms that you can send me to protect me from having issues in the future. As most, I need answers in a hurry and I greatly appreciate your valuable time. If all goes well, I am sure I will need a lawyer in the near future. Thanks again Mike.
A: Mike: my office is located in NW Florida, thus it is not feasible for me to assist you. I strongly suggest that you consult with an attorney who handles business matters in West Palm to ensure that you are protected in this transaction. A good attorney might cost you some money to assist with this asset purchase but the expense will be well worth it as if you make a mistake it can cost you dearly for years to come.
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