Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2013
 

Sales and Use Tax Annotations


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C

170.0000 COLLECTION OF TAX BY BOARD

Annotation 170.0002

(a) IN GENERAL

170.0002 Bankruptcy by One Partner. A true partnership consists of two or more persons who join to engage in the business of the partnership. All the property of the partnership is held in the name of the partnership. The partnership has an existence separate from that of the partners. If the Board issued a permit to a partnership, the filing of bankruptcy by a partner will not affect the regulation of the partnership. There is no "automatic stay" on the partnership property. As such, the partnership property may be levied upon for the partnership's tax liability.

In addition, the Board can file a claim in the bankruptcy proceeding of a partner, for the full amount of the partnership's debt. 10/16/92. (Am. M99–1).