Business financial fraud false income tax reporting under TN and federal laws

Asked about 6 years ago - Nashville, TN

Can the financials of a business be manipulated. I got into a business with a partner who solely owned it and he gave me fake financial data about the business and indicated it was a profitable business but it turned out to be a loss making one. I am wondering if I file a lawsuit for misrepresentation of facts, will that give him a chance to file wrong returns for the years that he hasn't yet filed taxes. I am at loss here and not sure where to go

Attorney answers (1)

  1. Joel Richard Beck

    Contributor Level 11

    3

    Lawyers agree

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    Answered . Yes, the financial statements of a business can be manipulated. If you purchased the business based on false representations and omissions of material facts, you may have valid grounds for recovery of your investment. You should immediately seek a consultation with a local attorney experienced in commercial litigation.

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