Thanks for using JustAnswer.com!Yes. By purchasing the assets and organizing under a new entity and EIN, you start with a clean business. No sales or employment tax liabilities will shift to your new entity. Make sure there are no liens on the assets that you acquire -- this would most likely only be a concern for vehicles or buildings.The employment and sales tax liabilities of the seller remain with his old business tax ID. Since they are sales and employment tax liabilities, the IRS and the state will also collect from him personally.If there are other questions, please reply to this answer so that I may assist you further. If this answers your questions, please rate my service between OK and Excellent so that I may be paid for assisting you. Thanks for your business.
Thank you so much someone had me worried that this would be considered "successor business" and I looked up some tax code info that made me nervous stating that a successor business could be held liable if the original business owner failed to pay the outstanding tax liability. Based on your answer I'm guessing that would be true if I remained operating under corpoarte info.