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| *Loan,banking and credit>>>business credit |
Took over a business, didn't know previous owner had credit card debt in the business name am i responsible? |
Took over a business, didn't know previous owner had credit card debt in the business name am i responsible? It is most likely that the credit card debt is backed by one of owners of the company. It is difficult to get a credit card using ONLY business credit. Find out from the company. I think you should be fine. The business name on the CC is not responsible in this case, it is the individual who gave it a personal backing. nope, the business is though opinion depends on what you acquired read the contract it is in there ( no contract shame on you ) look for the terms DEBT , PRIOR OBLIGATION and CREDITOR yes no, hell no everything should be on paper, the previous owner name and etc. unless the whole transaction was verbal, no you are not liable. I would think he has to pay up. ask your lawyer, maybe a slight change in company name may give you protection |
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