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Asad Rahman
Asad Rahman, Attorney
Category: Business Law
Satisfied Customers: 2166
Experience:  Practicing Attorney with 10 years experience
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I am a partner in a joint venture with one other partner,

Customer Question

I am a partner in a joint venture with one other partner, the joint venture own a building which its presently rents to a liquor store which is a closed corporation which I am a shareholder. The Joint venture wants to sell the building to the corp liquor store. are their any restrictions to prevent this sale because I am a party to each,or to the amount of the sale we both agree to?
Submitted: 1 year ago.
Category: Business Law
Expert:  Asad Rahman replied 1 year ago.

The only advice would be to make sure it is all fair market value and that you are handling the taxing implications both as seller and as buyer appropriately. I would recommend consulting with a CPA just to understand your tax liability here.

Expert:  Asad Rahman replied 1 year ago.

I just read that you did talk to an accountant. Legally you are ok to do this, but they should understand how to pay any capital gains tax on this appropriately.