i have worked for this store for 6 years and now she wants me to purchase the business from her. the problem is that she wants out because she owes the state and the irs back taxes. will i be responsible for her back taxes if i buy it from her?
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You could be. Make SURE that your lawyer reviews the contracts carefully and ensures that the purchase of the business includes her paying off any tax debts or levies against the business!
And if you can’t afford a lawyer, you CAN’T afford to buy the biz!
You could buy the business from your boss. However, have it written into the contract that any possible leins get paid directly out of the funds from the sale of the business. In fact, have the closing agent be responsible for sending the checks to the IRS and the State.
Also, some states require you to file a Bulk Sale notification. This is for any sales tax due on the sale of any furniture and equipment that is included in the sale. Check with your State for details.