Myself and three other individuals are in the planning stage of forming an LLC. However, during a background check, it was discovered that one of the prospective members has a personal tax lien. If we go ahead with the LLC, can any of the rest of us or the LLC be held responsible for the payment of that lien? The other two memebrs say yes, but the way I read it, I don't think so. Has anyone come across this situation, and if so, can you advise?
We will still do the LLC either way, but may have to wait for the lien to be satisfied prior to welcoming that individual into the organization. But we are just very unsure of how to proceed.
I appreciate any of your comments. We will probably consult a business attorney in the near future, but I feel an obligation to this individual to consult with them so they might have the opportunity to resolve the lien so that we can move forward with the LLC, including him in our venture now rather than later.
Thank you again!!
2007-03-12 15:01:23 · 1 answers · asked by drummerplummerswife 1 in Business & Finance ➔ Taxes ➔ United States
You should discuss this with an attorney who specializes in tax law. Any of the individual's resources can be attached to satisfy their debt to the IRS. That conceivably could include anything that they invested in the LLC.
2007-03-12 15:11:47 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋