Legal Question in Business Law in New York

Re: 1 corp buys another. are assets and its liabilities transferred?

Majority of states, including New York, have repealed "bulk sale" statutes that previously applied to the sale of business assets and required notification of the seller's creditors. However, state sales tax laws may still apply and require tax filings. Contact a business attorney to get legal advice on your transaction.

The above reply is in the nature of general information, is not legal advice and should not be relied on as such.

Re: 1 corp buys another. are assets and its liabilities transferred?

I am a business and corporate attorney, generally what happens with these transactions is that it is the responsibility of the selling party to notify all creditors of the transaction. Generally, the corporation is seen as a seperate entity and in some situations all debts and assets may be turned over to the purchaser, many things depend on the agreement of sale, and how this was gone about. Please feel free to contact my office for further assistance on this matter, I would be more than happy to help. You may contact my office via phone 2127098303 or email, see below.