Noncompete agreements are also sometimes called covenants not to compete or noncompete covenants. Whatever they might be called, they are commonly included in business sale transactions to prevent the seller (you) from competing against the buyer (the other guy or gal) for the term of the noncompete agreement.
So you might have to sign a noncompete agreement to close the deal. What are the tax implications? Good question.
Read this article for the answers. ... Log in to view full article.