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Yes there is. When a business person owns personal property (including a home(s)) usually that person will put most of the personal assets into their wife's name. This action protects the business person in such situations as bankruptcy and liens. The house and property can't be touched as an asset. Although highly not legal, a person in a business can hide (within reason) many of the tools of their trade (storage) or have another person store it for them. EXAMPLE: If you had a company that made motorcycles and you were behind on your taxes or going bankrupt a lien will be put on your business and in most cases your business or personal accounts will be frozen. You could hide some tools used in your business (I wouldn't recommend this) or, you could put some of the business in your wife's name, but if there is a lien against you it's a little late for this now. If you aren't married and everything is in your name, then you run the risk of losing everything. When running a business it's really conducive to have your own lawyer and also have at least a CGA do your personal and Business Taxes. There are more write-offs than you can ever know and you may miss them if you don't file for them. If you have your taxes done by a CGA it is less likely the IRS or (Revenue Canada) will check your records re paying taxes.

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โˆ™ 2005-11-15 20:09:47
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Q: Is there a difference between personal tax liens and business tax liens?
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Home equity is?

Home equity is defined as the difference between the fair market value and any liens on the home.


What is difference between attachment and lien?

There are many types of liens. An attachment is a type of lien generated by a court during the course of a lawsuit.


Is there a difference between a lien and a judgment when you go to bankruptcy court or on your credit report?

A lien is always against real property, such as a house. this prevents the property from being sold or used as collateral. A judgment can be anything from the liquidation of assets to garnisment of bank accounts and wages. Big difference in bankruptcy. There is even a difference in the type of liens. For example, judgment liens are a lot easier to avoid than administrative liens. Judgment creditors have much less power to affect your plan than lienholders. These answers are incomplete. For example, there are liens against personal property, including some tax liens and security interests under the uniform commercial code. Consult an experienced competent bankruptcy attorney for a better explanation as soon as possible. Delay, mistakes and acting on incomplete information can be expensive.


What is the difference between a lien and a judgement?

A judgment is a decision made by the courts in a civil suit. A successful plaintiff must enforce and collect upon the judgment. If the defendant doesn't voluntarily pay the judgment, the plaintiff can request a judgement lien.The judgment lien must be appropriately filed in order for the creditor to secure their position to collect the debt. It can be: served on a bank to freeze a bank account; recorded in the land records to seize real property; used by the sheriff to seize personal property; etc.A judgment lien is a TYPE of involuntary lien. There are many different types of voluntary and involuntary liens such as: mortgages; income tax liens; property tax liens; liens for municipal services; mechanic's liens; child support liens; and, judgment liens.


Mortgage on personal property?

Generally, mortgages are for real estate. Liens or secured loans are used for personal property.


What is the difference between a Government lien and a tax warrant?

They are essentially the same thing. Some states call them liens, some call them warrants.


You are owed money for rent and personal loans how do you put a lien on personal property?

Liens can only be placed on real property such as a home, business, vehicle. To recover monies owed the creditor must sue the debtor in the appropriate state court in the county in which the debtor resides. (Personal property are things such as income, bonds, stocks, bank accounts, furnishings, etc.) These items are not subject to liens, but are garnished/levied, seized and sold by means of a court ordered judgment.)


What are the different types of property liens?

The different types of property liens are Judgement liens, property tax liens, IRS liens, child support liens, mechanic's liens and family law real property liens.


What is home equity?

Home equity is the unlimited interest of one's property as listed on the market. It's the difference between the home's fair market value and the balance owed on the liens that are on the property.


How many liens can be placed on property?

There is no limit. For voluntary liens, you are only limited by the amount of credit you can obtain on the value of your property.For liens such as judgment liens and tax liens, there is no limit but all the lien holders may not get paid depending on their seniority, the amount of the liens, and the value of the property.There is no limit. For voluntary liens, you are only limited by the amount of credit you can obtain on the value of your property.For liens such as judgment liens and tax liens, there is no limit but all the lien holders may not get paid depending on their seniority, the amount of the liens, and the value of the property.There is no limit. For voluntary liens, you are only limited by the amount of credit you can obtain on the value of your property.For liens such as judgment liens and tax liens, there is no limit but all the lien holders may not get paid depending on their seniority, the amount of the liens, and the value of the property.There is no limit. For voluntary liens, you are only limited by the amount of credit you can obtain on the value of your property.For liens such as judgment liens and tax liens, there is no limit but all the lien holders may not get paid depending on their seniority, the amount of the liens, and the value of the property.


Is a statutory lien an involuntary lien?

Yes. Statutory liens include tax liens, mechanic's liens, judgment liens, etc.


How many civil judgment liens can be placed on a piece of property?

There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.There is no limit to the number of liens that can be recorded.


What is a lien?

A lien is a right or interest a creditor has in another's property. The lien lasts until the debt is paid or until any statute of limitations for the particular type of lien has passed. If a lien is to affect real property it must be filed in the land records. There are many different types of voluntary and involuntary liens. Mortgages and car loans are examples of voluntary liens. Examples of involuntary liens include income tax liens, property tax liens, liens for non-payment of municipal services, mechanic's liens, child support liens and judgment liens. See discussion page.


What is unsecured debt?

Any debt that does not have collateral property attached to it, (credit cards, personal loans, pay day loans, etc.). Secured debts are real property (homes, business, vehicles, goods purchased on merchant accounts, perfected liens, etc.).


Who satisfies liens on foreclosed property?

The person responsible for the liens must satisfy the liens. When a home is foreclosed on, the liens are removed before the next buyer purchases the home.


How do you find a lien on a boat in Ontario?

Personal Property Registration Centre in TorontoYou check the person owning the boat for liens not the boat.


Can property liens go away after filing bankruptcy?

You need to check with the trustee in bankruptcy or the attorney who is representing the bankrupt. Many liens are wiped out by a bankruptcy but not all. Some liens remain such as property tax liens and liens for state and federal income taxes. Child support liens are not wiped out.


how do you look up tax liens?

HOW DO YOU LOOK UP TAX LIENS


Can a home be sold because of a lien?

Maybe. Some liens, including tax liens, utility liens, and homeowners' association or condo association liens, take priority and can result in foreclosure of your home. You should consult with a real estate attorney if you have questions regarding liens on your home.


What is a legal document that imposes an involuntary claim against real property?

That document would be a Notice of Claim of Lien. Liens can be filed for goods provided or services rendered but not paid for.AnswerA judgment lien, a real estate tax taking, liens for unpaid municipal services such as demolition liens or health hazard clean-ups, special assessment liens such as sewer liens and income tax liens are all forms of involuntary liens. Involuntary liens are those created without the consent of the property owner.


How can you have personal liens removed from your property?

If invalid a motion can be filed with the court to have the lien removed. If valid the lien must be paid or settled with the lien holder.


Can debt consolidation stop future liens on bank accounts Including medical bills credit debt What if you would like to keep a personal credit card and consolidate all the others.?

Debt consolidation can not stop liens or judgments. However, if those debts are included in the consolidation and are accepted by the creditor, then judgments and liens may be prevented. In a debt consolidation, you generally can keep one personal credit card while consolidating the others. To learn more about consolidation and eliminating debt, check out the link below.


What does liens mean in English from french?

"Liens" would be "links" in English (noun)


What happens to your liens if you discharge IRS debt in bankruptcy?

The liens survivie the BK.


If a property is willed to someone do they inguire the liens on the property?

If the property is subject to active liens, generally the devisee will acquire the property subject to those liens.