How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Pro Your Own Question
Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24869
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
Type Your Business Law Question Here...
Law Pro is online now
A new question is answered every 9 seconds

In the sale of a company where the assets of the company only

This answer was rated:

In the sale of a company where the assets of the company only were purchased
not the company entity, an order and the responsibility for that order are not transferred are they?

In otherwords if the company had a Purchase Order from a customer and a portion of the assets and two employees services were purchased and after the purchase the company defaulted on the order the responsibility for that remains with the company it does not go to the purchaser of the assets.

An uncompleted order is not an asset is it, it does not show up on a balance sheet.

No generally that is not transferred. Only if there was a sale of the shares or the company would there be a transfer of such.

That you only purchased the company's assets - the owners of the other company or the company would be liable for that unfulfilled order and all that it entails.

Please don't forget to rate my answer 3 or higher so that I receive credit for assisting you today.
Law Pro and other Business Law Specialists are ready to help you

Related Business Law Questions