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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.
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∙ 9y ago
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Would your spouse be responsible for your business credit card debt if you were to die if she is not an account holder?
Your estate is responsible for your debts. If the business is owned by the deceased, the business is responsible. A spouse is not responsible, but the amount they inherit will be affected by the debts.
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.
This word means to be responsible for all debts actions or problems of an individual or business?
liability
Can you be responsible for your deceased father's business debt?
Not unless you were a part owner or in some way connected with the deceased person's business or personal debts.
When a business owner dies who is responsible for the debt?
If it is a sole proprietorship, then the estate will have to pay the debts. If it is a corporation, and the "owner" held all of the stock, then the corporation will have to pay all the debts.
Are you responsible for unpaid debts of your spouses previous marriage?
No. Only debts you made together.
Who is a sole proprietor?
A sole proprietor is a person who owns the business and is personally responsible for it debts.
Would your spouse be responsible for your business credit card debt if you were to die if she is not an account holder?
Your estate is responsible for your debts. If the business is owned by the deceased, the business is responsible. A spouse is not responsible, but the amount they inherit will be affected by the debts.
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.
How sole traders differ in Legal status?
Sole traders are not distinct legal entities from their owners, so they have unlimited personal liability for business debts and obligations. This means that their personal assets can be used to settle business debts. Sole traders are also responsible for their own taxes and are not subject to some regulations that apply to larger business entities.
A business owned by stockholders who share profits but are not personally responsible for debts?
Corporation :)
Unlimited liability means that sole proprietors are completely responsible for all of the of their business?
debts apex lluvyanna♥
Who is responsible for a loan if both the borrower and guarantor have died?
The estates are responsible for the debts of the decedents.The estates are responsible for the debts of the decedents.The estates are responsible for the debts of the decedents.The estates are responsible for the debts of the decedents.
This word means to be responsible for all debts actions or problems of an individual or business?
liability
This word means to be responsible for all debts actions or problems of an individual of business?
liability
Once remarried would the new spouse be held responsible for debts of mates previous marriage?
No..only the (ex)husband could be held responsible
If you buy property and no lien exists then a year later you get a letter stating that if you don't pay past dues from previous owners that a lien will be placed on your property are you responsible?
In general you are only responsible for your own debts but you need to get this sorted out properly so you need to see a solicitor (attorney) to get this cleared up.
