Bulk Transfer Without Consent In Queens

State:
Multi-State
County:
Queens
Control #:
US-00043DR
Format:
Word; 
Rich Text
Instant download

Description

The Bulk Sales Affidavit is a legal document used in Queens to facilitate bulk transfers of goods without the consent of creditors. It serves to affirm that the seller, known as the Company, is the sole owner of the property being sold and has the authority to sell it free from any encumbrances. This affidavit is crucial in reassuring the purchaser that there are no outstanding debts or legal claims against the property, which could affect the transaction. The form requires the seller to provide their business information, confirm the absence of any legal obstacles, and affirm that no bankruptcy proceedings are pending. Specific instructions for filling out the form include ensuring that a true copy of the Bill of Sale is attached. This document should be signed in the presence of a notary public, adding a layer of authenticity. Attorneys, partners, owners, associates, paralegals, and legal assistants would find this form particularly useful when advising clients on bulk sales, ensuring compliance with legal requirements, and protecting against potential creditor claims. It simplifies the process of validating a transfer and promotes transparency in business transactions.
Free preview
  • Preview Bulk Sales Transfer Affidavit
  • Preview Bulk Sales Transfer Affidavit

Form popularity

FAQ

Purchases above $110 are subject to a 4.5% NYC sales tax and a 4% NY State sales tax. The City Sales Tax rate is 4.5%, NY State Sales and use tax is 4% and the Metropolitan Commuter Transportation District surcharge of 0.375% for a total sales and use tax of 8.875 percent.

The sale, transfer, or assignment of business assets, in whole or in part, by a person required to collect sales tax is called a bulk sale. Business assets means any assets directly related to the conduct of a business, including: tangible personal property, real property, and. intangible assets, such as goodwill.

While most states have repealed their bulk sales statutes, in some states across the U.S., such as California, Delaware, Illinois, New Jersey and Pennsylvania, the practice of bulk sales compliance remains alive and well.

The purpose of the Bulk Sale Statute is to protect a purchaser from inheriting any tax debt from a seller of business assets. A bulk sale is the sale (or transfer or assignment) of an individual's or company's business asset/s, in whole or in part, outside of the ordinary course of business.

When a restaurant owner sells all of their kitchen equipment to another restaurant owner, that would be considered a bulk sale. If a software company sells their patent rights to another company, that would also be a bulk sale.

There are the three general types of sales taxes: Seller (vendor) privilege taxes. These taxes are imposed on retailers for the privilege of making retail sales in the state. Consumer excise (sales) taxes. A consumer sales tax is imposed on the person who makes retail purchases in the state. Retail transaction taxes.

Bulk sales laws are meant to protect creditors from businesses that sell assets in an attempt to avoid paying creditors and, in some cases, to prevent businesses from evading sales taxes.

A bulk sale, sometimes called a bulk transfer, is when a business sells all or nearly all of its inventory to a single buyer and such a sale is not part of the ordinary course of business.

Sales tax - applies to retail sales of certain tangible personal property and services. Use tax - applies if you buy tangible personal property and services outside the state and use it within New York State. Clothing and footwear under $110 are exempt from New York City and NY State sales tax.

Trusted and secure by over 3 million people of the world’s leading companies

Bulk Transfer Without Consent In Queens