Can a collection agency label me reimburse a debt that the previous business owner have created on an AmEx card?
Apparently, its an AmEx business credit card and both the previous owner's cross and the business designation is associated near it. I have purchased the business, but the previous owner did not fully disclose his debt.
Answers:
It depends on the structure of the business.
Was it a sole propietorship until that time you purchased it? If so, you did not purchase the "business" per se, but you purchased the assets of the business. If you're also a sole proprietorship, after you basically obligation to inform the American Express folks that you purchased some of the assets, including the signature, of the business from the previous owner, but they should contact the previous owner for collection of this debt.
If it's an LLC or a corporation that you in truth purchased ownership of, consequently the LLC or corporation may in fact be liable for that debt. If that's the travel case, depending on the size of the debt and the corporation's knack to rate it, you may want to consult an attorney concerning your option.
Good luck.
I personnaly don't reckon so, but I would suggest you take a attorney, impose it sounds resembling they are trying to stick it to you.
Look up the possession 'due diligence'.
It mode doing adjectives the research called for until that time committing to a business contract.
To enjoy debts outstanding on a business you bought, and not know in the region of those debts when you bought the business be remiss on your factor.
You bought the business, you bought the debts.
i am not sure wish allowed counsel from a legal representative and check the public sale papers for the business it might be in the fine print
Generally, the purchase of a business includes assumption of debt.
I'd budge final to the dealer. Threaten to sue if if obligation be.
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Answers:
It depends on the structure of the business.
Was it a sole propietorship until that time you purchased it? If so, you did not purchase the "business" per se, but you purchased the assets of the business. If you're also a sole proprietorship, after you basically obligation to inform the American Express folks that you purchased some of the assets, including the signature, of the business from the previous owner, but they should contact the previous owner for collection of this debt.
If it's an LLC or a corporation that you in truth purchased ownership of, consequently the LLC or corporation may in fact be liable for that debt. If that's the travel case, depending on the size of the debt and the corporation's knack to rate it, you may want to consult an attorney concerning your option.
Good luck.
I personnaly don't reckon so, but I would suggest you take a attorney, impose it sounds resembling they are trying to stick it to you.
Look up the possession 'due diligence'.
It mode doing adjectives the research called for until that time committing to a business contract.
To enjoy debts outstanding on a business you bought, and not know in the region of those debts when you bought the business be remiss on your factor.
You bought the business, you bought the debts.
i am not sure wish allowed counsel from a legal representative and check the public sale papers for the business it might be in the fine print
Generally, the purchase of a business includes assumption of debt.
I'd budge final to the dealer. Threaten to sue if if obligation be.