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
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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