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Last Updated: 10/26/2017

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Collections > Topic > Successor liability

  • I purchased a business that has been assessed with successor liability. Can I now be personally assessed for the same debts?Back to top

    No. We can only assess you for personal liability on debts that originate on or after the date you acquired the business.  

     

  • Why does state law say I am responsible to check for liens before the purchase of a business?Back to top

    This law protects you as a buyer. Checking for liens tells you of any tax obligations for the business you intend to purchase. Use this information to negotiate the purchase price so the legal obligations are satisfied before you take ownership.