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Lane
Lane, CFP, MBA, CRPS
Category: Tax
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Experience:  Providing Financial & Tax advice since 1986
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The county where we has an incorporated business is billing

Resolved Question:

The county where we has an incorporated business is billing for taxes on a close business in TEXAS. A business which created conditions for us to file chapter 7. The letter is a Notice of Tax Lien. We do not own the business or the real estate where the business was located.. QUESTION is are we still liable for these taxes? Can they suit and or obtain a judgment against us?
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

NPVAdvisor :

Hi,

NPVAdvisor :

Is this for property taxes, corporation taxes or income taxes? ALS, what does the letter say the lien is ON . The business name?

NPVAdvisor :

Again, if you can tell me who the lien is from (could be IRS, State of Texas for property, or sales tax, etc)

NPVAdvisor :

Let me know and we cab go from there

NPVAdvisor :

I still don't see you coming into the chat, so I'll move us to the "Question and Answer" mode ... Maybe that would help ... (We can still continue our conversation there, just not in real-time chat like we can here) ... Let me know ...

NPVAdvisor :

Lane

Expert:  Lane replied 11 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Lane replied 11 months ago.

Hi Jeff,

... just checking back in, since I didn't see you come into the chat.

Let me know more about who the letter is from, what kind of business you have (sole proprietor vs Corporation), what kind of taxes were owed (business income, personal, sales, property, etc.

Those things will all make a difference in what the right answer to your questions is.

Let me now,
Lane
Customer: replied 11 months ago.

The company was on LLC. That name and our personal names are XXXXX XXXXX letter.The companies are all insolvent and dissolved.


 


Tax is for personal property associated with the business. Does not state what they will place Lien on.


 


Attorney letter for the County

Expert:  Lane replied 11 months ago.
Then no, they can only come against the business.

LLC provides the liability protection of a corporation.

Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3695
Experience: Providing Financial & Tax advice since 1986
Lane and 6 other Tax Specialists are ready to help you
Expert:  Lane replied 11 months ago.

As a follow-up (just maybe to help you see around some corners), the only way they will be able to come against you personally is under something called the alter ego theory,

The case they MAY try to make is that you "pierced your corporate veil."

Corporations exist in part to shield the personal assets of shareholders from personal liability for the debts or actions of a corporation. Unlike a general partnership or sole proprietorship in which the owner could be held responsible for all the debts of the company, a corporation traditionally limited the personal liability of the shareholders.

And one of the reasons that the LLC is the fastest growing entity type out there, is that it has the flexibility of a partnership but the liability protection of a corporation.

What they, again MAY try to argue is that the LLC was merely a formality and that the LLC neglected the formalities and protocols that sustain the treatment of the LLC as a separate entity. ... that there was enough co-mingling of personal and business assets, for example, that the LLC was just an "alter ego" of you.

Your first response should be, not this was an LLC, these are not my personal debts.

THen the burden of proof will be on them that you somehow created this LLC as a sham, rather than to conduct a business.

RIGHT NOW? ... they're just trying to scare you into paying.

If you had a valid LLC, your are not personally responsible.




Hope this helps

Lane
Expert:  Lane replied 11 months ago.

Thanks Jeff.

If you’d like to work with me again, say “For Lane only …” at the beginning of your question.


Thanks again,
Lane

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