This form involves the sale of a small business where the real estate on which the Business is located is leased from a third party. This form assumes that the Seller has received the right to assign the lease from the lessor/owner.
Mississippi Agreement for Sale of Business by Sole Proprietorship with Leased Premises
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How to fill out Agreement For Sale Of Business By Sole Proprietorship With Leased Premises?
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As opposed to a corporation or limited liability company (LLC), the sole proprietorship is not a legal business entity. The sole proprietorship is a one-person business that is not considered to be a distinct entity from the person who owns it, and it is frequently operated using the owner's personal name.
Different states have different laws on starting sole proprietorships. In Mississippi, you are not required to register any paperwork with the Secretary of State. However, there are some local city and county papers to file, but it is quite easy compared to forming corporations and LLCs.
Overview. A sole proprietorship cannot be sold as a single entity like a corporation. Instead, when a sole proprietor sells the business, the sale is treated as the sale of the separate and identifiable assets of the business. The sale of a disregarded entity is also treated as the sale of the entity's assets.
Sole Proprietorships: Because a sole proprietorship is not incorporated, it requires no filing with the Secretary of State. The individual owner is personally responsible for the debts and obligations of the business. Earnings are generally taxed as personal income for the owner.
Once you start a business, you automatically become a sole proprietor in Mississippi. But you should still take steps to start your sole proprietorship, including choosing a business name, applying for licenses and permits, and obtaining an EIN.
Mississippi doesn't have one catch-all state license required for all businesses. However, it requires all retail businesses to obtain a Sales and Use Tax permit that accounts for, collects and remits applicable sales taxes.
