Legal Question in Business Law in Florida

Purchased a corporation

I purchased a company a year or so ago. Later, I changed the name, applied for my own FEIN and D&B number. The previous director of the firm was removed when I bought the company (so now they are completely different). If at some point I find out that there was a lawsuit of some sort against this company, would I be held responsible?


Asked on 12/27/05, 9:25 am

2 Answers from Attorneys

Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Purchased a corporation

If you purchased the shares of the corporation, then you would be liable.

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Answered on 12/27/05, 12:23 pm
Scott R. Jay Law Offices of Scott R. Jay

Re: Purchased a corporation

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

It all is dependent on "how" you purchased the company. If you bought the stock of a corporation, then you may be responsible for any liabilties that corporation had. If you formed a new corporation and only bought the assets of the company, then you should not have any liability.

If you truly have concerns, I would strongly suggest that you meet with an attorney to discuss the specifics of your situation.

Scott R. Jay, Esq.

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Answered on 12/27/05, 11:00 am


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