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Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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I have a small business the assets of which I bought from the

Customer Question

I have a small business the assets of which I bought from the NC bankruptcy court in 2002. I did not change the name of the store and continued operations without closing. I did incorporate under a new name. Recently after reading an article in our local paper about NC changing the business privilege license tax to a flat rate I investigated and found I do not have a license to operate and have not been paying the tax. I assume the city quit sending any notices after the original company closed.
I certainly want to correct thisand need to know my liabilities and the best procedure to accomplish this.
Submitted: 1 year ago.
Category: Legal
Expert:  Maverick replied 1 year ago.
Welcome. My name is Maverick. I very much enjoy what I do and I hope that you will benefit from the information or assistance that I provide.
1. Recently after reading an article in our local paper about NC changing the business privilege license tax to a flat rate I investigated and found I do not have a license to operate and have not been paying the tax.
What is your understanding as to why you do not have a license to operate? Is there a statute that you are referring to?
2. Did you buy the rights to use the name of the store - in other words, let's say that the store is named "Easy Mart" and it has filed an assumed name in the county. Did you buy the rights to use that assumed name from the bankrupt company?
3. Did you then file for a new assumed name certificate in the name of your new corporation?
Customer: replied 1 year ago.
1) The city issues a privilege license which also has a tax component based on sales. The original company was a manufacturer that had an outlet. The outlet sold goods that they manufactured and other items they bought from outside vendors. I do not if the original company had a privilege license or needed on since they were a manufacturer but I feel based on my research that I should.
2&3) The store has been know by the same name "Walker Shoe" for many years. The bankrupt company name was "BB Walker Company". I incorporated under the name "Walker Shoe Outlet Inc.". The store is known as ":Walker Shoe Outlet". The store sign has always read Walker Shoes. No trademarks.
Expert:  Maverick replied 1 year ago.
What city are you in?
Customer: replied 1 year ago.
Asheboro, NC. I do not manufacture goods as did the previous company.
Expert:  Maverick replied 1 year ago.
The city of Asheboro appears to require you to obtain a Business Privilege License "f you are opening a new retail, wholesale or manufacturing business..." The city requires you to complete a Statement for Gross Receipts certifying your anticipated gross sales and/or receipts for the coming year.
I am sorry, but I am not finding anything else on this that may be of use to you. So, I will opt out at no charge to you and see if another expert can assist you better.
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