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.
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