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Level 1

I purchased a business and need to delete previous owners records. How do I do that?

 
1 Comment
Anonymous
Not applicable

I purchased a business and need to delete previous owners records. How do I do that?

That is probably not the right thing to do ... but what is right I cant say.

2 Questions - What was purchased, and who was the buyer (exactly).

 

The legal form of both buyer and business will make a difference, but in general >

 

If what was purchased was 'assets' of some sort, then the old business financial records do not transfer forward to the new owner.  The 'buyer' would record just the new assets into their existing business records (if they have any).  They may give you the old records, but they are just for reference.

 

If the 'business' was purchased as a whole then the old financial records should probably be left intact and continue to be used.  In addition the 'buyer' would separately record a purchase transaction.

 

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