I live in Georgia and just recently opened a small service business with a friend. Our business is doing very well, but I do owe around 50k in back taxes from a previous job where I was receiving 1099's every year. I'm unable to pay the full amount. My business partner thinks we should remove me from 50% ownership of the business in fear that the IRS will come after us and take the business from both of us. He was the initial investor to start the company so I understand why he is scared. Is this something he needs to worry about or is there a way I can remind a partner in the business until I can settle my IRS taxes debt?
It will take years for me to pay back what I owe and removing me from our agreement is unacceptable to me. What should I do??? Please help!
It will take years for me to pay back what I owe and removing me from our agreement is unacceptable to me. What should I do??? Please help!