The National Directory of Certified Public Accountants

Ask A CPA - Buying & Selling a Business

Business Purchase - Prior Businesses Debts

Laws vary from state to state. Successor liability laws transfer responsibility for payment of certain business debts to the new owner when a business is sold. You should check for possible back taxes, liens, penalties and fines that may transfer to you upon purchase of the new business.

If you need professional help with "Buying & Selling a Business" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.