Looking to see if anyone else has been in this situation and any advice towards it.
We own a tire shop. It is a 50/50 llc between me and my brother and my dad is still here too but not on the business name. A little back story on this. My dad has been here for 40 years. He opened a 2nd location in another city in 2000 and things didnt work out and shut it down in 2009 ish. Basically this shop kept that a float and killed this one which in turn created a ton of tax debt. To cut off the irs which was about to come start taking everything, we "sold" i guess it to me and my brother. I was young and stupid and not thinking about me or my future. Looking back I would've said no but back then I just wanted to help my dad and the business all work out.
I'm not exactly sure what happened after me and my brother got our name on it, but I think basically my dad was basically using the new llc to pay for old and new if that makes sense. So essentially, the new llc wound up in tax trouble. Now, present day we have basically eliminated all old debt but a very small portion, and still have a fair chunk of taxes owed to the irs thanks to their massive fees and penalties and still owe a little bit left on the property.
I will skip the rest of the personal details and get to the point. I want to sell or do whatever I need to do to get the tax debt gone so I dont have that constantly lingering and wondering every day if it's going to get me. So where I'm wondering if im screwed is everything I keep reading says it really boils down to the SDE I think its called. And of course, the taxes haves always been done in a way to pay as little taxes as possible to it doesnt show the profit it should. Am I going to be screwed on the selling price?
Overall with remaining tax debt and other few small things plus what we have left on the property is around 200-225K. We do 1.3 million a year. Have very little out on the books. Mainly the farm accounts since we dont charge to anyone but farms and some business.
What is the best route for me to take here? Obviously we could get a loan to cover all that and have one payment but are we going to fall right back in to that? Will we get good enough terms that we can handle that no problem? Can I sell for enough to come out clean? Etc.... my dad is 75 this year. My brother is 50 and has diabetes and kidney issues and im in my 30s. I greatly greatly regret not getting my crap together long, long ago. I was comfortable and floated for too long and now it's time I need to step up and get myself out of this crap. Sorry for the long drawn out post, but thank you in advance for any advice on the situation.