When a corporation is sold. Does the buyer or the seller retain all the cash assets?

Question

When a corporation is sold. Does the buyer or the seller retain all the cash assets?

Answer

That should be specifically outlined in the sale agreement. If you do not have a written sales agreement, you are asking for trouble in the future. You should sit down with the other party and decide those details in writing. If the corporation has already been sold, this will likely depend on what the parties reasonably should have believed they were buying and selling. This will depend on the written sales contract, and prior negotiations if there was no written agreement. You should sit down and discuss this more with an attorney to find our the specific likely answer in your situation.