Illinois Sale of a Business Package

State:
Illinois
Control #:
IL-P018-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains essential legal documents to assist individual or corporate buyers or sellers in the sale of a business. You may modify these forms to fit your particular circumstances. Some documents in this package are state-specific.



This package contains the following forms:



1) Agreement for Sale of Business- Sole Proprietorship

2) Asset Purchase Agreement

3) Bill of Sale for Personal Assets

4) Promissory Note

5) Landlord's Consent to Assignment of Lease

6) Retained Employees Agreement

7) Noncompetition Covenant by Seller

8) Profit and Loss Statement

9) Bill of Sale in Connection with Sale of Business by Individual or Corporate Seller


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FAQ

Use MyTax Illinois to electronically file your original Individual Income Tax Return. It's easy, free, and you will get your refund faster.

Illinois Business Registration Application (Form REG-1) Businesses selling products and certain services will need to register for a Sales Tax Permit and withholding taxes with the Illinois Department of Revenue.While this isn't a license on the business, licensing is required in order to operate.

Illinois businesses may purchase items tax free to resell. Sales tax is then collected and paid when the items are sold at retail. To document tax-exempt purchases of such items, retailers must keep in their books and records a certificate of resale.Certificates of Resale should be updated at least every three years.

Illinois requires that you register for a sales tax permit before you make any sales or purchases for resale, or when you hire an employee. 2. How do you register for a sales tax permit in Illinois? Sellers can register online through MyTaxIllinois or mail in form REG-1 to the address specified on the form.

File online - File online at MyTax Illinois. You can remit your payment through their online system. File by mail - You can use Form ST-1 and file and pay through the mail. AutoFile - Let TaxJar file your sales tax for you.

Find your Gross Sales in Illinois this number is at the top of your TaxJar Illinois state report. Enter your Gross Sales on your Illinois form ST-1 on line 1 Total Receipts under Step 2: Taxable Receipts. The Illinois filing system will automatically round this number to the closest dollar amount.

Professional services are not taxable in the state of Illinois unless it results in a product that is sold.

If no payment is enclosed, mail your return to: If a payment is enclosed, mail your return to: ILLINOIS DEPARTMENT OF REVENUE. ILLINOIS DEPARTMENT OF REVENUE. PO BOX 19041. PO BOX 19027. SPRINGFIELD IL 62794-9041. SPRINGFIELD IL 62794-9027.

A sales tax permit can be obtained by registering through the MyTax Illinois website or by mailing in Form REG-1 Illinois Business Registration Application.

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Illinois Sale of a Business Package