Legal Question in Business Law in North Dakota

Prior Tax Liability - New Owners

Myself and 5 others have purchased ownership in a Co. We just found out today that the original owner and still a stock holder failed to pay 941 taxes in 2003 and owes about $20,000. Can the 5 of us new owners start a new corp so we are not dragged down by this past tax lien?

Fortunately we had a statement in our purchase that relieves us of any prior liabilties that were incurred before we bought into the Co.


Asked on 8/23/04, 12:50 pm

1 Answer from Attorneys
Robert DiPaolo The Fidelis Group, LLC

Re: Prior Tax Liability - New Owners

The purchase agreement pursuant to which you purchased you share of the company will determine how such liabilities are dealt with, and would need to be reviewed before a plan to adequately resolve this issue can be formulated. I am available to review this agreement are very reasonable rates, and an confident that I could assist you in this matter. Please feel free to contact me at [email protected], if you have any questions about this matter. With regards, Robert DiPaolo.

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Answered on 8/23/04, 1:57 pm


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