Connecticut Checklist - Sale of a Business

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Multi-State
Control #:
US-04096BG
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Word; 
Rich Text
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Description

The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The buyer and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situations. Depending on the nature of the business sold, statutes and regulations concerning the issuance and transfer of permits, licenses, and/or franchises should be consulted. If a license or franchise is important to the business, the buyer generally would want to make the sales agreement contingent on such approval. Sometimes, the buyer will assume certain debts, liabilities, or obligations of the seller. In such a sale, it is vital that the buyer know exactly what debts he/she is assuming.
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FAQ

When presenting this certificate to your vendor, make sure it is fully filled out with the following info:Your business information (name, address, etc.)The types of products you sell.A general description of the products you are purchasing with the certificate.Your signature, title and the date of the purchase.

All business entities registered in Connecticut are available to search on Connecticut's Secretary of State's website. Enter the name for which you are searching into the search bar, then click search. A list of entities will appear showing the status, filing number, address, and business name.

How to Dissolve an LLCConfirm the Company Is in Good Standing.Hold a Vote to Dissolve the Business.File LLC Articles of Dissolution.Notify the Company's Stakeholders.Cancel Business Licenses and Permits.File the LLC's Final Payroll Taxes.Pay Final Sales Tax.File Final Income Tax Returns.More items...?19-Oct-2021

All business entities registered in Connecticut are available to search on Connecticut's Secretary of State's website. Enter the name for which you are searching into the search bar, then click search. A list of entities will appear showing the status, filing number, address, and business name.

Corporation & Business Entity Search You can find information on any corporation or business entity in Connecticut or another state by performing a search on the Secretary of State website of the state or territory where that corporation is registered.

There is a $50 fee to file the articles. Your filing usually will be processed within 3-5 business days. You can get expedited processing if you pay an additional $50 fee and use the requisite expedited service request form.

Closing a Sales and Use Taxes AccountClose the account by logging into myconneCT and open the More2026 menu, then locate the Taxpayer's Updates group and select Close Accounts and follow the prompts.All your sales and use tax returns must be filed through the date of closure.Destroy your Sales and Use Tax Permit.

To dissolve your Connecticut LLC, you submit Articles of Dissolution to the Connecticut Secretary of the State, Commercial Recording Division (SOTS). You are not required to use the SOTS form, you may draft your own articles of dissolution.

Closing an LLC is not as simple as locking the door and walking away. There are several steps you must take to protect yourself from liability and withdraw remaining assets from the company. by Brette Sember, J.D. Making the decision to close a business can be stressful.

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Connecticut Checklist - Sale of a Business