Partnership - Bankruptcy-IRS

[bandhuvb]

What is the name of your state? New York

We are a partnership company. We have about 90K as taxes due to IRS. We are doing badly in the business and do not see a possibility of paying up this amount.

we two parnters do not have any assets on our personal name too.

Is it safe to file for a bankruptcy ?

Regards.
Bandhu

 

[olgethorpe]

Well, its "safe" to file bankruptcy...but...if they're 941 (employee withholding) taxes they certainly won't be discharged by the BK and neither will most other kinds. You need to talk to a lawyer about what's best...

If the company also has other debt...credit cards, vendors, whatever...then you'll need to decide whether to file corporate or, if you've personally guranteed some of the business debt, you might want to consider just ceasing operations and filing personal BK.

Again, talk with a lawyer or two..most will give initial consultations for free...

 

[bandhuvb]

Well, its "safe" to file bankruptcy...but...if they're 941 (employee withholding) taxes they certainly won't be discharged by the BK and neither will most other kinds. You need to talk to a lawyer about what's best...

If the company also has other debt...credit cards, vendors, whatever...then you'll need to decide whether to file corporate or, if you've personally guranteed some of the business debt, you might want to consider just ceasing operations and filing personal BK.

Again, talk with a lawyer or two..most will give initial consultations for free...

there is only the IRS ( 941 ) which are outstanding. We have no other debts. Again we both partners are non residents.