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ARE YOU LIABLE FOR SELLING A COMPANY’S LIABILITIES? SUCCESSOR LIABILITY IN ILLINOIS

If you are considering buying another company's assets, one important consideration is: what liabilities of the seller will I be taking on? This question generally only arises in an asset purchase, as a stock purchase will typically result in liability on the part of the successor company.Whether a company that purchases the assets of another company can be held responsible for the seller's pre-transfer obligations is the crux of the successor liability issue. In Illinois, the general rule is that a company that purchases the assets of anot...
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