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What is the tax liability of past sole proprietor?

Posted 5 October 2013 under Tax Q&A


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I'm looking at buying a business that is owned through sole proprietor.

If I buy and become the sole proprietor who would be liable for any tax issues once I own it for the past?

Would it be me or the owner before?

This entry was posted in Tax Q&A and tagged . Bookmark the permalink.

TaxTim TaxTim says:
6 October 2013 at 21:23

All tax issues up to the date of sale would be for the previous owner. However you cannot buy a sole proprietorship as it is not a registered entity so in effect you would be "starting" the business anew.


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