Legal Help with Selling or Buying a Business
Florida Tax Lawyer
Buying or selling a business can be a major financial transaction which should only be undertaken with a full understanding of all the issues involved, including Florida tax matters. The Law Offices of Moffa, Gainor, & Sutton, P.A. provide knowledgeable state tax planning and consulting towards your proposed sale or purchase going smoothly and not generating problems during or after the transaction is completed. We are available to represent the buyer or seller of a business and are often brought in to minimize the overall Florida tax impact of the sale of a business for both parties. If you are confronted with tax difficulties while selling or buying a business or after the sale is concluded, a proven Florida tax attorney from our firm can aggressively take action on your behalf.
We want you to understand the types of Florida taxes and which apply to the business you are intending to purchase. Corporate income tax, sales and use tax plus discretionary sales surtax, documentary stamp tax, communication services tax, gross receipts tax, insurance premium tax, fuels tax and others may apply to your target business. If you don't know which taxes you will be responsible for and how each is managed, it can spell trouble. Did you know that you, as the purchaser of a business, can be held responsible for all the unpaid liabilities of the business operations prior to the purchase despite what your agreements might say?
Protection from Future Problems
One of the protections we provide to a prospective buyer is obtaining a certificate of clearance from the Florida Department of Revenue (DOR). This letter shows that the business owner does not have current tax deficiencies or bills which you could later become liable for. If there are bills that are being contested, a seller can be asked to keep the amount of these bills in an escrow account while the sale is ongoing. While a certificate of clearance will not prevent future Florida tax audits, it may apply to situations that occurred before the sale of the business.
In order to prevent an unpaid tax liability from transferring over to a new owner, we also work to get a transferee liability certificate from the DOR. This document shows that any taxes, penalties and interest have been paid or that no taxes are due from the current owner.
Our firm works so that you can achieve your goals from the buying or selling of a business.
Contact a Florida tax lawyer when you are buying or selling a business and need to see that any tax matters are correctly resolved.