If i buy a business & previous owner didnt do 2007 taxes will i have to pay them?

Question

will i have to pay even if i wasnt owner until 2008?

Answer 1

This probably should have been handled by the transfer agent/title company when you bought the business.  It might also depend on how the purchase contract was worded.  If you bought the entire business (the corporation or LLC) then you might be on the hook for the previous owner's taxes.  However, if you just bought only the assets and goodwill of the business, but the former owner kept responsibility for any debts, then the taxes might be his responsibility.

You probably should talk to a lawyer about what the purchase contact actually says.  The transfer agent/title company might have some liability (just a possibility) for not finding out about the taxes before the sale closed.

Answer 2

No, that's their taxes not yours.  

Answer 3

If you're the corporate of this company, and the company have some tax to be pay but not pay, you must commit it because you're the corporate of this company. It is precisely because that you're the corporate of this company, you should commit all of the company.

Aren't you talking about the tax with the previous owner? Many times, others will talk with the previous owner clearly before buy it.

Lucky you!