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Quick Question by a newbie

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M

moog35

Junior Member
What is the name of your state (only U.S. law)? Massachusetts

Hello - I was wondering if someone could help. I would like to start a Corporation with another individual who currently has some back tax issues with the IRS and is trying to get them paid off. My question is, can the IRS or for that matter any governmental agency go after this new Corporation or even myself for any of that individuals back tax issues or am I, and the new Corp protected? I realize that the IRS could indeed garnish his pay in the new Corp.

thanks in advance
 


T

tranquility

Senior Member
While you personally should be safe, you must accept the fact you may have corporate problems if the tax issues are not resolved. The actual agreement and organization of the corporation is important, but, the government can make managing the corporation difficult. (Including a big fat levy/lien on assets they feel the partner transferred to the corporation to defeat tax collection. )
 
H

HomeGuru

Senior Member
moog35 said:
What is the name of your state (only U.S. law)? Massachusetts

Hello - I was wondering if someone could help. I would like to start a Corporation with another individual who currently has some back tax issues with the IRS and is trying to get them paid off. My question is, can the IRS or for that matter any governmental agency go after this new Corporation or even myself for any of that individuals back tax issues or am I, and the new Corp protected? I realize that the IRS could indeed garnish his pay in the new Corp.

thanks in advance
Click to expand...
**A: the IRS could levy, lien etc. any interest the individual would have in said corporation or any such entity. Now read that again very carefully.
 
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