Before you go out and buy an existing small business, you need to make sure that the books and accounting are in order. You need to see a balance sheet, and P & L statement, and you need to verify that information. What did Henry Kissinger and Ronald Reagan say in foreign diplomacy and negotiation? "Trust, but verify!" And, it is my contention that you take this great advice when purchasing a used business.
Not long ago, I was doing a little very small business consulting. And I explained that prior to getting serious about buying the business the buyer need to get a balance sheet, P & L (profit and loss) statement and 3-years tax returns. Well, it turns out the business was a corporation signified by a "Inc." after the name of the company at the top of the P & L, so, the company depending on the type of corporation would have to file corporate tax returns.
However, when asked to produce these, they said they ran into hard times and did not file in 2007 and 2008, and did not have the 2009 taxes done yet, which really are not totally due until September of 2010 with allotted IRS extensions. Interesting I thought, but then I happen to mention this question regarding buying a business from a Corporation, which failed to file its taxes for 2008 and 2009 this evening to a Tax Accountant at the Club House here.
He said this could be a huge problem; namely, not filing at all is a lot worse than filing and not being able to pay, as the IRS would set up a payment structure to come current. The 2009 taxes theoretically are not due until September if he'd filed an extension. But 2007 and 2008 are a real problem.
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