Q: I have a question about a Business Acquisition I'm making tomorrow in regards to liens and/or debt against the business.
I'm buying an online e-commerce business I just want to know what type of Agreement can I have written up that would prevent me from being held liable for repayment on any of the liens and/or debts that are against the business. Basically I want to ensure I'm protected from those type of things for any amount due before the Acquisition date.
A: You are asking this question too late if you are paying tomorrow. It depends on what you are buying. A corporation? An asset list? Protection would require hiring a lawyer before 4 p.m. on a Friday the day before you plan on doing the deal. There are searches that should be done.
Inna Fershteyn agrees with this answer
A: Can’t agree more with Michael. Hire an attorney and run a lien search. Surely if you were buying a house you would run a search against judgments. Here you are buying a business and can be sued for its debts.
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 11235
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