October 15, 2008, 9:40 am
How to handle taxes when the corporate structure changes
Austin Wiggleton, Mark's Office Furniture, Virginia Beach, Va.
My father has been operating a small furniture company for the past 20 years as a sole proprietorship, and I have been begging him to form an LLC. My question is, if he owes a small amount of back taxes, do the balances have to be paid in full in order to form an LLC or does the balance transfer?
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