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Richard, Attorney
Category: Business Law
Satisfied Customers: 53687
Experience:  32 years of experience practicing law and a businessman.
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We are in the state of IL. My sign. others family owns a gas/convenience

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We are in the state of IL. My sign. other's family owns a gas/convenience station where we live. This business owes back taxes, which they have been keeping up payments (as agreed upon#, but if this business becomes sold to another party #purchased thru a foreclosure situation) then does this back taxes become the new business owners problem/responsibility, or does his family still owe the burden of this?? Need to know, since the family is trying to keep "new" party from buying the business, to buy sometime for them to make arraingments to keep the family business. Please help advise, thank you for your time. Kymberli

Good evening. If you are talking about past property taxes, then property taxes follow the land and the new owners would become responsible. If you are talking about income taxes, these taxes follow the business and your sign. other's family's business would still be on the hook.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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