remember is a sole proprietor,my business taxes are on my name ,but if i could sell my business without the new owner taking or been responsable for my taxes would be perfect.I must leave the country and that is my only choice.My business is fully licensed operating in the bay area
2007-11-26 13:42:22 · 4 answers · asked by charly 1 in Business & Finance ➔ Taxes ➔ United States
What you describe sounds illegal to me. Do you think it is?
2007-11-26 13:50:14 · answer #1 · answered by Edward G 6 · 0⤊ 1⤋
Any back taxes would not go to the new owner when you sell the business. For the current year, you would report the income and expenses for the period when you owned it, and he'd report the amounts for after he bought it.
2007-11-26 14:02:57 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
If you're talking about income taxes then the person who purchases your business wont assume any of your taxes.
If you're talking about payroll taxes, then you might want to consider selling someone just the assets of your business. Then they wouldn't have to pay the payroll taxes, but you would.
2007-11-27 02:47:08 · answer #3 · answered by nealeinmi 3 · 0⤊ 0⤋
Wait till January to sell it to them. That is when the new tax year will begin.
2007-11-26 14:57:22 · answer #4 · answered by billieleann78 4 · 0⤊ 0⤋