Can my personal income tax effect my starting a corporation?

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Can my personal income tax effect my starting a corporation?

I have IRS and state liens. I have backing for a very big corporation start up but my investors do not know yet about my personal tax problem.

Asked on July 5, 2012 under Business Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Do you mean with the IRS or with your investors?  I think it could affect both. Investors do not necessarily want to get invloved with some one who has tax baggage, so to speak, that has not been resolved in some way prior to investing.  Even if you have a payment plan up and going it is better that a tax levy.  The IRS has great power to come after assets they may think you are attempting to shelter through this corporation and the investors do not want their investments seized before the game begins.  Please speak with a qualified tax attorney in your area.  Good luck.


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