Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
Ok, I'm selling the business with everything in it, contracts, work, employees, etc.
The business was a sole prop.
If your business is a sole proprietorship, and you are selling the assets only, then you would retain any liability for taxes, unless you put into your sales contract that the buyer will assume any liability for taxes due and payable.You can put that into the agreement by saying that the buyer assumes any taxes due on the business. However, unless you make a specific provision for that, since it is a sole proprietorship and the taxes fall under your personal social security number, you would retain liability for it even if you sell the assets of the business.Good luck to you, Dillon. I wish you all the best.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).