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I'm sorry, but the owner of the company would receive these funds from whom?
If he is the owner, who would owe him these funds? I'm just trying to figure out what the question is really directed at here.
Well, the new owner would be liable for any legal debts of the company, to include appropriate wages to the previous owner for the last week worked.
The new owner would only be liable for vacation pay if there was a specific policy in place, prior to the signing of the purchase documents, where the owner had specified that vacation pay was to be paid out at termination.
All of this though, in a business sale, should have been expressly stated in the written agreement between the parties before the transfer of ownership.
That was the exact answer that I gave you.
I said that you had to pay his wages.
My answer concerning your having to pay his vacation was only true if you were purchasing, as your original question suggested this could be a purchase. If you were purchasing, then you'd have been liable for the vacation ONLY if his company had a specific written policy requiring that vacation be paid out at termination.
I'm sorry, but to the extent that my answer didn't focus solely on a business take over, I can hardly be blamed for that when you are the one that specifically mentioned a company sale in your question.
I don't expect you to accept the answer, but I will ask you that you remove your negative rating of my answer....which correctly answered your first question, even if that wasn't the correct question.
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