Need Business Tax Information and HELP

[77-AUDIO]

I had an ecig business and when me and the owner split up I gave her the business (well my half) and need to know if I am liable for any of the taxes at the end of the year.

[ImaNoob]

your liable until the day you have on paperwork..This should have all been worked out at the transfer man..You should probably sit down with her and your accountant to figure it out though..Any income you made or lost would have to be accounted for either way..

[islandpride684]

I had an ecig business and when me and the owner split up I gave her the business (well my half) and need to know if I am liable for any of the taxes at the end of the year.

f the unpaid sales taxes and payroll taxes remain unpaid, then the IRS and the state will almost certainly assess those taxes out against the individuals who own and/or control (or have a duty to collect and remit taxes for) the corporation, and who occupied those roles at the time the delinquencies occurred. Since you were an owner of the business at the time the delinquencies occurred (presumably), then you can still be assessed personally even though at the time of assessment you no longer have any relationship with the corporation. You can always try to get an indemnification provision into the purchase agreement so that your partner and/or the corporation agree to indemnify you for any taxes, costs, expenses, interest, penalties, or attorneys' fees or other professional fees you incur in connection with the unpaid taxes, but depending on their financial position, that indemnification may not be worth the paper it's written on.

You need to consult with a tax attorney who can review the situation for you and advise you on your options.

http://www.avvo.com/legal-answers/if-i-sell-my-half-of-the-business-to-my-partner-do-1923039.html

[77-AUDIO]

I do have a notarized document stating that I am no longer liable for any of the business and signed by both parties. It also states that she takes the business in whole and AS-IS.

All I asked was for 10% after all monthly bills were paid and there was a positive cash flow of over 2k. Which I knew I would never get but still asked.

The business has done nothing but fail and when I was involved it wasn't doing the best and I seen that It was time to get out while the I still could. Every month bills were not getting paid and product wasn't getting ordered, unless it fit the other owner. It was the worst thing I ever did and realized that and got the fuck out.