am i liable for taxes from a business i no longer own

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am i liable for taxes from a business i no longer own

i was bought out by partners in a business 8 years ago 2010and just received a notice from IRS that i am responsible for 941 taxes form 2015, i have sale documentation and i was removed from state of Texas
incorporation listing,.
how could i be responsible ?

Asked on July 16, 2018 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

If the unpaid taxes were sales or payroll taxes and you were the person responsible for making sure they were paid, you would still be liable on them--those taxes are what are called "fiduciary taxes," since it is taxes paid with other people's money which you are entrusted with as a "fiduciary." Liability for fiduciary taxes attaches to and remains with the person in the business respnsible for paying them. If the taxes arose while you were with the business and the responsible person, you could still be liable for them.
If the business were a partnership not an LLC or corporation (though your queston implies it was a corporation), then any general partners are liable for the any unpaid taxes owed from the period of time that they were partners.


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