Legal Question in Business Law in Virginia
Sub Chapter S taxes
Are all partners and officers of the corp liable for unpaid State and Fed taxes if the business has failed
Asked on 9/06/07, 6:40 am
2 Answers from Attorneys
Richard S. Stolker
Uptown Law, LLC
Re: Sub Chapter S taxes
The income of an S Corporation is taxed to the individual owners, who are liable for taxes the same as any other individual income taxes.
Answered on 9/06/07, 8:42 am
John Jackson
Law Office of John A. Jackson, P.C.
Re: Sub Chapter S taxes
Partners are for sure. Officers maybe not it would depend on a number of elements. You may want to speak with an attorney about your particular situation.
Answered on 9/06/07, 8:44 am
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