Can the IRS freeze a business Bank account?
My credit score is really bad, it used to be in the high 700s but is now about as bad as you can imagine. I owe a lot of debt including IRS, credit cards, banks, loans, etc.
I now need to start a business for a website I am going to be selling goods on.
If the business is in 2 peoples name. Mine and a partner who is helping.
If the IRS comes after me and tries to freeze my assets, can they touch the business bank account? My partner is worried this might happen and he will be out of luck as well? I would rather not put it all in my partners name though.
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If the business is legally separated and not commingled - they probably cannot. What they can do is put a lien on it (so that you cannot sell the business) and garnish your income. If the corporate veil is pierced (and its not that hard to have it pierced if you're not careful) - then they can treat it as if it is your personal asset.
Verify this with a lawyer licensed in your state, I'm not a lawyer or a tax professional.
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