Took over a business, didn't know previous owner had credit card debt in the business name am i responsible?
Question:
Answer:
It is most likely that the credit card debt is backed by one of owners of the company. It is difficult to get a credit card using ONLY business credit. Find out from the company. I think you should be fine. The business name on the CC is not responsible in this case, it is the individual who gave it a personal backing.
nope, the business is though
depends on what you acquired read the contract it is in there ( no contract shame on you ) look for the terms DEBT , PRIOR OBLIGATION and CREDITOR
yes
no, hell no everything should be on paper, the previous owner name and etc. unless the whole transaction was verbal, no you are not liable.
I would think he has to pay up. ask your lawyer, maybe a slight change in company name may give you protection
you have to read the contract for the sale of the business
Yes your responsible, but you can sue the owner.
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http://www.bestcreditrates.net
Yes: Was the expenses occurred before your ownership? If so yes.
Were these expenses disclosed prior to the sale? If so yes.
If the seller in-cured the expense after sale or if the expenses were not for anything in the business, direct the creditor to the previous business owner.
The sale of the business does not relieve the business of debt. The card company is entitled to their money. You may have a claim against the prior owner if they did not disclose the debt or used the card after they contracted to sell you the business. That is between you and him. It is not the credit card company's problem.
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