Employment Lawyers Can Answer Your Employment Law Questions
Thank you for your question today, I look forward to assisting you. I bring nearly 20 years of legal experience in various disciplines.
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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).