Would you be legally liable to something that someone would have done through the website prior to the exchange?
potentially. If you're merely taking over the domain name and doing an entirely new business/site, then you don't take on any liability. But if you are actually taking over a business, then you could potentially assume liability as well. It would depend on exactly what the claim was, but you would still be embroiled int he mess to show that you were not the responsible person.
Hmm well I guess that is good to know; however, I would hope that a "friend" wouldn't be as dangerous as that...
Slashmire Wrote:However, I would guess that legally, you...would have to declare it as a "gift" to the IRS and all....maybe charge him a penny or so.
Not unless it's worth $11,000.
And, Grace, it is possible to do that for houses.
http://www.irs.gov/newsroom/article/0,,i...15,00.html
I hadn't thought about telling him to make sure that there is no legal action pending. I will tell him that tonight. Thanks.
To make sure there is no legal action pending. That makes a big difference. It could be a legal headache with more money down the drain.