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WALLSTREETFIGHTER
WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 15672
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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I am practicing small accounting service. One of my client

Customer Question

I am practicing small accounting service.
One of my client want to sell his business. Buyer ask for his Business Income tax copy
and Current Financial Statements.
Later if Buyer sue seller because Business slow or some other reason, do I responsible and liable to buyer for Income Tax and Financial Statement prepared by me?
I prepared Income tax and financial statement according to client information and not audited and not reviewed.
How to protect me from Buyer. What kind of letter do I have attached?
Do I have to buy Error and Ommission Insurance in case of legal problem?
Submitted: 10 months ago.
Category: Legal
Expert:  WALLSTREETFIGHTER replied 10 months ago.

WALLSTREETLAW :

Hello I am a licensed attorney. I am here to help answer your questions. Please do not hesitate to ask for clarification

WALLSTREETLAW :

What you should do is first have a letter signed by your client, indemnifying you from any litigation as a result of the tax returns prepared,

WALLSTREETLAW :

An E&O policy is fine as well, if you are a licensed accountant, malpractice insurance is possible,

WALLSTREETLAW :

however, in most of these cases, if you rely upon the information from your client, and have not intentionally violated or misrepresented any information,

WALLSTREETLAW :

it would be difficult for them to hold you liable,

WALLSTREETLAW :

The link above has a sample indemnification and hold harmless agreement,

WALLSTREETLAW :

which would protect you as well,

WALLSTREETLAW :

If you have any further questions please do not hesitate to ask.

WALLSTREETLAW :

If satisfied please provide us with positive feedback,

WALLSTREETFIGHTER, Attorney
Category: Legal
Satisfied Customers: 15672
Experience: 14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
WALLSTREETFIGHTER and 11 other Legal Specialists are ready to help you
Expert:  WALLSTREETFIGHTER replied 10 months ago.
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