Legal Question in Business Law in Virginia
Buying a business
When you buy an existing business, do I gt the monies that have not been paid to the old company? Do I have to pay the existing bills
Asked on 6/29/07, 12:04 pm
1 Answer from Attorneys
Bernard Dietz
Law Offices of Bernard C. Dietz, PC
Re: Buying a business
It depends on what your purchase agreement says. Normally, the purchase agreement, whether it's a stock purchase or asset purchase, will detail the rights and obligations regarding the accounts receivable and accounts payable. You should start by looking to the agreement and contact a lawyer if you are not able to interpret it or have questions.
Answered on 6/29/07, 12:20 pm
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