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Small Business Attorney Chicago

By March 2, 2013November 16th, 2019Illinois Sales Tax, Uncategorized

Small Business Attorney in Chicago – Why you need one!
By:  Mansoor Ansari Attorney at Law
In the past, I have written articles on issues such as buying a business, selling a business, taxes, and corporate structuring.  Given the current state of the economy, specifically in Chicago, there are even more reasons why you want an experienced business and tax attorney involved in your small business sale or purchase.
941 payroll taxes, sales tax fines, and other tax liens, are now common problems associated with the sale and purchase of a business.  When you buy an existing business, you may also be the new owner of a payroll tax lien!  These liens are penalized at 200% and there is no way of getting rid of this liability if you have agreed to assume all of the liabilities of the business that you are buying.
Licensing agreements are also at the heart of much controversy.  For example, if you are purchasing an existing business that has had its liquor license or lottery license revoked for nonpayment of sales tax, you will start your business by buying yourself an expensive law suit.  Once a license is revoked, getting it back is much more difficult than applying for one in the first place.
These are common issues that many of our business buyers face.  Our ability to provide our clients with top-notch due diligence has saved our clients thousands of dollars in litigation costs and from personal bankruptcy.  Contact the Ansari Tax Law Firm for more information on safely buying a business and protecting yourself from personal liability.
Small Business Attorney in Chicago

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