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Business Assets

Purchasing the Assets of a Business

If you buy the assets of a retail business, sales tax which may be owed by the previous owner transfers to you. The sales tax owed is a lien against the business inventory and equipment. You cannot obtain a retail license until the tax is paid. Unpaid business personal property tax owed on the assets remains with the assets, therefore the tax debt also transfers to the new owner.

 

 

Business Law Attorney

Forming S Corporations


An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income. On their tax returns, the S corporation's shareholders include their share of the corporation's separately stated items of income, deduction, loss, and credit, and their share of non-separately stated income or loss.

Click one of the links below for additional information about the different types of business that are available:

For information about how to start a new business or to protect your business investments, contact Coastal law today. Our goal is to provide businesses with the knowledge needed to succeed.

 

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