|
Buying an existing business: Uncle Sam and the fine
print
 Check
to make sure that all tax payments are current, including sales
and unemployment tax. Payroll taxes are the first to slip when a
company has cash flow problems. Any Internal Revenue Service audits
in the past? If so, what was the outcome? Look at all patents, copyrights,
trademarks or logos, and note the expiration dates.
Your state's department or division of sales tax revenue
can confirm if sales tax payments are up to date. Your accountant's
examination of financial and bank statements will determine if payroll
and corporate income taxes are being paid on time. Corporate attorneys
specializing in trademarks, patents and copyrights can conduct searches
and examine business files to determine legitimacy, values and expiration
dates.
|
