Legal Question in Consumer Law in Ohio

I have had my own buisness for over 20 years. I'm considing having a auction and getting rid of all equipment and trucks.I have installed modual homes. for a lots of year and economy is not there, and Im loosing money to try to stay a float.also do to medical issues my daughter was diagnoised with a uncurable dieases which makes thing tougher. with bills and to consentrate on my buisness.If I Auction off my assets would there be taxes to pay from that. just need some information please.

Asked on 3/12/10, 7:04 am

1 Answer from Attorneys

Harold Paddock Harold Paddock Co. LPA

Your question was listed as one for "consumer law". Liquidating a business is a major step. You are right that tax consequences are important. You might want to consult with a CPA or whoever does your taxes to get the scoop from the IRS viewpoint. I don't know all the facts of your case, but a sale of a business as a going concern to a competitor or someone else in a similar line of work might yield more in sale price than a piece by piece auction of used equipment. There is also value in intangibles like customer lists and other assets like customer goodwill. If a CPA can't give you all the answers, you should speak with an attorney who represents small businesses.

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Answered on 3/17/10, 7:17 am

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