Personal income tax and new company

Question

For someone living in the US who owes personal federal income tax. Is it possible to open a new company in such a way to protect the company/financials from personal taxes owed?

TomTom · Answer

Nope, it is not.
As long as you owe something, it can be seized. If you use personal funds to create an entity that is detached (which is expensive, not worth it for small businesses) then this is breaking the veil as you basically default your debtors. So, it can be seizted.

Personal income tax and new company

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