What Happens to Business Bank Accounts in a Stock Purchase?

What Happens to Business Bank Accounts in a Stock Purchase?

Business Sale, Sale of Business, Stock Purchase
Note:  This post is an update to one of our blog's more popular posts of the past few years, in what we called the "M&Ailbag". Question:   I'm thinking about purchasing all of the stock of a small business and the bank account that was opened by the company's previous CEO (who is leaving).  Would the seller need to close that account and I open a new one?  I am thinking that I just get added to the existing account as a signor and, when the amendments are returned from the corporation commission, they would be taken to the bank to have the exiting signor removed?  The two (main) ways to buy an existing business Before answering this question, it is helpful to understand the two primary ways you can buy…
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