QUESTION
Can a state take personal assets if our company owes taxes?
Asked on Jan 14th, 2011 on Taxation - California
More details to this question:
Can the state take personal assets from us for a company that we owned that owes the state. The company was a corporation,. Thanks
1 ANSWER
Bruce Givner
That is too general of a question. If the company owes payroll taxes for employees, then you may have personal liability as an officer/manager. If the corporation owes back corporate taxes, it is unlikely that you would have personal liability. However, the answer may depend upon the state in which you live. Therefore, the best approach is to hire a professional in the state in which you reside.
Answered on Jan 16th, 2011 at 7:43 PM