snobdrblinkchik
Junior Member
What is the name of your state (only U.S. law)? CA
In 2003 my parents sold their business. This was the 2nd business they sold and everything went smoothly. They just received a notice of levy from the State Board Of Equalization stating they owe $XXXX.
When i asked my dad about it, he said that when you sell a business any taxes owed would have to be paid off before the seller got ANY cut of the money. Is this true? Since today's a friday, I couldn't get a hold of the BOE office. If this is in the wrong forum can you please let me know where to move it to.
In 2003 my parents sold their business. This was the 2nd business they sold and everything went smoothly. They just received a notice of levy from the State Board Of Equalization stating they owe $XXXX.
When i asked my dad about it, he said that when you sell a business any taxes owed would have to be paid off before the seller got ANY cut of the money. Is this true? Since today's a friday, I couldn't get a hold of the BOE office. If this is in the wrong forum can you please let me know where to move it to.