Legal Question in Business Law in Minnesota
we purchased a business a year and a half ago, same trade name but entirely different corporation.. the previous owner had a contract with a service provider.. Is that contract valid for us??
3 Answers from Attorneys
Depends on if you purchased Assets or Stock?
Was there. purchase agreement?
Call or email for consultation.
It depends. Generally speaking, as a new company you are not liable under the previous owner's contracts. However, some purchase agreements provide provisions in which you, as the new owner, assume all contracts and liabilities of the previous owner. You may want to have an attorney review the contract and purchase agreement. Additionally, if the service provider has provided services to the new company, the new company is likely obligated to pay for the services.
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