I purchased a business from a sole proprietor, with a down payment and financing. Two months later the owner passed away. What is my liability?

[TammyLove]

What is the name of your state?

 

[TammyLove]

What is the name of your state?

Michigan

 

[PayrollHRGuy]

The agreement you have with the former owner will pass to his estate.

 

[LdiJ]

The agreement you have with the former owner will pass to his estate.

While I do not necessarily disagree with this, I think that more information is necessary to give the OP any truly valid advice.

 

[quincy]

While I do not necessarily disagree with this, I think that more information is necessary to give the OP any truly valid advice.

I agree that more information is needed.

What sort of purchase agreement is in place - and what "liability" is of concern - would be a start.

 

[adjusterjack]

what "liability" is of concern - would be a start.

I'll bet the OP wants to know if he has to keep paying.

 

[xylene]

The OP needs to contact a lawyer, especially if a large amount of money is involved.

It is possible the OP could negotiate a great deal on the remaining payments.

 

[LdiJ]

The OP needs to contact a lawyer, especially if a large amount of money is involved.

It is possible the OP could negotiate a great deal on the remaining payments.

And part of that possibility depends on whether or not we are talking about an actual bricks and mortar enterprise or something that is far less tangible...which is why more information is needed.

 

[quincy]

There are all sorts of possibilities ...

... but I suspect in the end the best advice will remain xylene's "contact a local lawyer."