Legal Question in Business Law in Missouri

Hello Everyone, I am in a bad situation. i bhought a loacal coffee shop from ex owner and eveything was great and until after month i start getting mails and phone calls from his past coffee wholesalers and lenders. and the past owner owes lots of money to different people. now they are asking me to pay his balance. do i have to pay his balance. i have a new LLC. but same business name. can someone tell me if they take me to the court will i have to pay for them? or is there easier solution. i did talk to the past owner he said that it is now my problem not his.


Asked on 8/04/09, 12:08 pm

1 Answer from Attorneys
Anthony Smith LawSmith

It depends upon what you "bought." If you bought the entity that contrtacted with those suppliers, that entity probably still owes the debt. But, if you merely bought the building, fixtures and equipment, and the previous owner was a corporation, that corporation has the debt not your LLC. However, the creditors may be able to make a claim for any stock they provided, or the value of them. You need to get together with an attorney who can look over your purchase and other business documents, if you desire a more certain assessment of your position.

Good Luck

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Answered on 8/04/09, 3:27 pm


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