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Business Thread Alert - Liability when buying a website?
I am working through a mainstream non adult deal which has two parts...
Part 1: Purchasing a forum which on its own hold no liability and is purely an asset of a "sole proprietor"
Part 2: Past owner went on awol on drugs or someshit and pocketed 15k of customers money without delivering the product through is yahoo store.
I would be buying his domain name as it related to the yahoostore account, the domain is dogshit since reputation is so bad within the online community but still gets steady seo traffic and seo orders where by i would filter it my own site... or hire someone unrelated to my site / name to run it thus not being confused with the past owner
My question is 1 upon buying the assets of his sole proprietorship, does this open me up to that 15k liability and any other he might not be disclosing?
Or by buying sheerly the assets am I free and clear?
assets would be : yahoo store account , customer database , domain names. no hard goods since its a drop shipping setup.
Or would only buying certain parts be ok and other be questionable?
again this is a sole proprietorship and NOT a LLC or Corp.
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lastly how would you arrange the deal...
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