Don't Consider Business Debt Management Until You've Read This!

We own a auto repair shop in CA and just want out for what we owe on it (40K). If we sold it to one of our employess for the incrued debt, would we still have to pay taxes eventhough we wouldn't be walking away with any profit? We do not own the property-just the goods. Thanks for any advise

I am buying amy partner out of our business. He feels the $200,000 debt we hold should not work into the equation. We are trying to handle this without involving lawyers and valuation fees.

I started a business with my brother in law, he lives in Mexico and I live in San Diego. I sold him about $18,000 in tools and he has only paid me $3,000. I have all the PO's, invoices that he acknowledged, but still ows me $15,000 and doesn't seem willing to pay me. I am being constantly told that he will get me the money tomorrow, tomorrow, etc. Is there a way to collect money in Mexico being that this was an international (USA-Mexico) transaction?

In other words what I am asking…can a collection agency call your business and tell your employee that you have an outstanding debt that is in collections? How much the debt is for and what year its from?

I am planning on purchasing a limousine business and I know that the business has debt. Will I be acquiring the debt as well or is this is something that the current owners will have to deal with before or after selling to me?

The company would be an S corporation so business and personal go on the same tax return. Since I haven't filled one out yet I don't know if business debt is recognized as separate or the same as personal debt when it comes to applying for home loans and such. Any experts?

I have a relative who opened credit cards and her spouse used them to run business (sole proprietorship) expenses through. He then died with quite a bit of debt on the cards. Is she still liable for these debts or can the the credit companies write them off due to the death?

I have greater debt than profit. I bbrought in a new partner to save business. Too many conflicts of interest. The original owner of restuarant claims that if i default they can take my house and assets. I don't have enough money to pay off loan or other business debt.