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MenuTrying to understand what we are responsible for tax wise and legally...
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One would need to review the sale agreement to provide you with any sound advice. If properly drafted in first place (ie protecting your right to future payments) then there should be some contractual tools available for you in the agreement.
Let me tell you what you need to do. Let me give you the magic pill if you will.
Always be reasonable and be honest with yourself. The question to ask yourself is, "Is this worth paying an attorney to settle?" If the answer is yes, then hire an attorney. If the answer is no, maybe you are better off moving along to other projects. Time is valuable and the stress involved in a lawsuit can be harmful both financially and physically.
I do notice that you say, the other party agreed to this or that and in my experience most people can't remember that they agreed to take out the trash unless you put it in writing.
Best of Luck,
Michael T. Irvin
michaelirvin.net
My books are available exclusively through Amazon Books. Check out my book "Copywriting Blackbook of Secrets"
Copywriting, Startups, Internet Entrepreneur, Online Marketing, Making Money
Best Of Luck,
Copywriting, Startups, Internet Entrepreneur, Online Marketing, Making Money
This is a convoluted problem. I would have to read the contract to see what was outlined and speak with a CPA to determine tax liability. Generally you can close a company with the state and fed and pay pennies on the dollar by declaring bankruptcy if you are looking to get out of it altogether.
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