Q: Does buyer of 'boat' LLC have to register ownership immediately after acquistion? And whom is responsible for taxes?
In October 2018, I sold my California LLC which only asset was a boat (wholly owned by my single owner/manager CA S corp). Licensed yacht brokers handled the sale through a maritime attorney. The deal was a straight up deal, llc for cash. The same maritime attorney represented both buyer and seller in the sale.
In December, 2018 my CPA sent in papers to the state to dissolve the CA 'boat' LLC and the CA S corp. The only income for both LLC and S corp for that tax year was for the sale of the 'boat' LLC.
June 2019 I learned that the buyer believes my CPA should not have closed out the LLC and he is asking me to pay a portion of the use tax.
My pov is- how could my CPA close out (dissolve) something that I did not own. The sale happened 3 months prior to my CPA sending dissolution papers into the state.
Would not buyer and maritime attorney had to register boat llc immediately after acquisition? Does the buyer have any legal claim against me?
A: You are sailing in unchartered waters--at least for me. In addition, there are some important facts missing from you question that prevent lawyers from advising you. Finally, competent lawyers do not answer questions about what might happen in the future. Too many possibilities.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
