My husband owns a small retail business that has found itself in pretty deep with taxes owed to the State of MN. He wants to sell the business to a friend but only sell the assets, which only are valued about 25% of what the taxes are owed (everything except the inventory is 3 years old and mostly furniture and electronics). The state of MN tax website states that the business successor's liability cannot exceed the fair market purchase price. He owns another separate business, an 'S-Corp' as a professional consultant, and he is worried that the state may try to go after the remaining balance (which is mostly fees and penalties) and garnish that income he earns as a consultant (he is paid business to business through a consulting firm). The retail store is a c-corp. Please advise! Thanks in advance!
1 Answer from Attorneys
Hello. Unequivocally, your spouse should have private attorney counsel at this time. Sometimes, a person needing some legal help will have another person (such as you) be the one to interact with the attorney on his/her behalf. Some attorneys, myself included, will confer for free, no charge, initially. Then, if legal work is performed, some attorneys, myself included, will provide a reduced fee for need. All the best.
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