If you purchase a business that is behind on sales and property taxes, who is responsible for them?
mistkie asked:
I need to know if the current owner is responsible, or the owner that had the business when the taxes were accumalated.
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The previous owner telmealing
When you buy a business, you usually buy all debts of the business as well. Property taxes ALWAYS go with the property. STEVEN F
The property taxes are going to go with the property, so whoever owns it will be held liable by the taxing authority. (If there is something in the purchase contract that holds the former owner liable, then you may be able to go after the money in a civil suit, but the government attaches it to the property.
The liability for the sales tax is going to depend on a number of factors including whether the business was a sole proprietorship or partnership. Contact your state’s department of revenue to determine liability. Amy F