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Is a business owner responsible for the previous owners debts?
If it is a new business, then they are not responsible. If the new business owner had obligations with the previous one, they may be responsible for debts. The terms of the contract will dictate this issue.
Can you buy a business that Owns money to IRS?
The answer is yes. When doing so, the debts of the purchased business belong to the new owner.
Is a new business owner responsible for the original owner owner's debt?
Not normally, unless the new owner has also 'bought' the previous owner's debts. However, if we are dealing with share ownership, the shareholder become the 'owner'. Shareholders are not responsible for the debts of the companies they have bought share in.
Why is it easier for a sole trader to obtain a bank loan?
it is not easy for a sole trader to get a loan so easily as the business is new and the bank ownt know if the sole trader will be able to repay the loan.
If your second mortgage was charged off and the company went out of business do you still owe that debt?
Yes, you do. The question would then be, to whom do you owe that debt? There could well be a new company that bought the assets, good will and debts of the company that went out of business and they will still want that money, and the charge off will still stay on your credit report, as it reflects an unpaid and ignored debt that had to be charged off. Most especially since it is a mortgage debt.In the end, you took the money for the second mortgage and you signed a legal contract to repay that money. Not withstanding that the company that paid you money for the second mortgage went out of business it is very likely that there will be a new, or possibly combined business of the old company and a new company that "owns" that debt, and they may contact you to see if an arrangement can be made to pay the debt off, (chances are very good that the company that issued the second mortgage tried repeatedly to contact you prior to charging off the debt).
Is a business owner responsible for the previous owners debts?
If it is a new business, then they are not responsible. If the new business owner had obligations with the previous one, they may be responsible for debts. The terms of the contract will dictate this issue.
Did borrowers repay loans to closed banks during the Great Depression?
No not to the closed banks, however the debt is an "asset" it does not "die" with the bank, it moves to another business (which may have purchased the assets of the bankrupt bank). The debts would have to be paid to the new owner of the debt.
Can you buy a business that Owns money to IRS?
The answer is yes. When doing so, the debts of the purchased business belong to the new owner.
Is a new business owner responsible for the original owner owner's debt?
Not normally, unless the new owner has also 'bought' the previous owner's debts. However, if we are dealing with share ownership, the shareholder become the 'owner'. Shareholders are not responsible for the debts of the companies they have bought share in.
What has the author Patrick Kelly written?
Patrick Kelly has written: 'Faster company' -- subject(s): Small business, New business enterprises, Success in business
What was the debt of Russia after World War One?
The level of debt in Russia was almost insurmountable after World War I. It amounted to 8,000,000,000 rubles. That was more than their economy could produce. These debts were impossible to repay. The new Bolshevik government had to pay part of this. If not then economic trade with Russia would have been severely hampered. Some debts Lenin simply canceled.
Why does a corpoation sell shares of its business?
Generally speaking, a corporation will sell shares of its business to raise capital. The new funds can be used to pay debts or invest in research and development of new products These are just some of the many examples for selling shares to the public.
Why is it easier for a sole trader to obtain a bank loan?
it is not easy for a sole trader to get a loan so easily as the business is new and the bank ownt know if the sole trader will be able to repay the loan.
Why did the new nations need to pay off its debts?
because the new nation needed to pay off the foreign debts and to issue new bonds to cover the old ones
What are the release dates for A New Way to Pay Debts - 1908?
A New Way to Pay Debts - 1908 was released on: USA: 14 March 1908
Why did France demand that Germany repay their debts in foreign currency?
If a country is permitted to repay its debts in its own currency, they can simply print significant amounts of currency, leading to massive inflation in the short term, to satisfy the numerical quantity of the debt, but not pay it in real terms.Imagine it this way. France tells Germany that it must pay France 5 million Deutschmarks, which is worth 10 million Francs. Germany goes and simply prints out 5 million new Deutschmarks. Now, since there are so many new Deutschmarks, the value of those new Deutschmarks is now 3 million Francs. So, when France receives the money, it receives far less than expected. Conversely, since Germany cannot print more Francs, if payment is requested in Francs, it needs to actually provide currency or material which would be equivalent to 10 million Francs.
What started confederation?
Confederation started because everyone wanted to use the new railways because they were faster than ships, wagons, horses ect. and confederation also promised that they would pay off the debts.
