Christopher B. asked
As a creditor of a small S corporation, I lent it $100,000. The company cannot repay me and is barely breaking even. The main asset is a piece of email marketing software. I am considering taking over the business name, customers, and assets, but I am concerned about unknown tax obligations and potential liability. What steps can I take to protect myself from any tax obligations the company may have, and how can I determine if there are such obligations? Additionally, since it's not year-end yet and the company has not filed taxes for this year, could I become liable for that as well? Am I at all liable since I am only taking over the assets and not the S corp itself? I am in the state of Michigan.
July 10th, 2023
Nancy C. answered
To protect yourself from potential tax obligations and liabilities, consider the following steps: 1....
July 10th, 2023
Create an account to view answers and interact with the community!
Can a passport card be used as ID when flying to Hawaii domestically?
February 24th, 2023
What are the biggest mistakes people make when issuing a subpoena, and what are the most difficult records to obtain in a divorce case where one party is hiding assets? Specifically, is it easier to subpoena FedEx for purchase records or to get a summary from an online store, and what additional work records could be beneficial in proving income and assets?
July 25th, 2023
What happens to the trust money and other savings when a mother, who has sold her home and placed the money in an equal trust for her three children, enters a nursing home needing total care and utilizes Medicare?
September 21st, 2024
I was watching a friend's dog, a wiener dog, on the sidewalk facing west when the mailman came from the east and approached the dog without asking if it was friendly or if it bites. The dog, which was on a leash, nipped the mailman on the back of his calf, causing a small scratch with little blood. The postal service policy states that mail carriers should avoid contact with dogs. Now, the mailman wants to sue. What should I do?
September 29th, 2024
What does maritime law/international trade say about how to complete my bill of lading for a shipment that is purchased from a seller in the USA for goods sourced and shipped from China using a freight forwarder to handle the paperwork? The customs authorities are requesting that the seller's information as per the invoice for the goods be placed on the Bill of Lading as the exporter/shipper instead of the freight forwarder as the exporter/shipper. Is this correct? Are there more than one way to complete the Bill of Lading and if yes, state instances.
July 9th, 2023