Legal Question in Business Law in Massachusetts

If you bought the business then you need to accept the gift certificates, expecially if you are operating it under the same name.

You should ask the seller to confirm the number and list of such certificates if you do not have them.

From a business stand point, not accepting the certificates will not help you with any good will in the area.

The other attorney is on point here. It also depends on the type of entity you bought. For a corporation, you could have just bought assets, which would not include liabilities, like gift certificates. Or you could have bought the stock, which would include both. There is also another issue of whether the prior owner informed you of the gift certificates. If not, he or she may be responsible. Consult with a business attorney in your area for specifics.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney