North Carolina Computer Equipment Acquisitions Letter of Intent
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How to fill out Computer Equipment Acquisitions Letter Of Intent?
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FAQ
Personal property includes motor vehicles, boats, campers, trailers, singlewide mobile homes with wheels & axle attached, doublewide trailers with wheels and axle attached, household furnishing or appliances for someone who rented or leased a residence or apartment from you, permanent tagged trailers, and airplanes.
Goods that are subject to sales tax in North Carolina include physical property, like furniture, home appliances, and motor vehicles. Prescription Medicine, groceries, and gasoline are all tax-exempt. Some services in North Carolina are subject to sales tax.
Excise Tax/Revenue Stamps: The State of North Carolina charges an excise tax on home sales of $2.00 per $1,000.00 of the sales price. Excise tax is customarily paid by the Seller, but payment is dictated by the sales contract and can be negotiated for either party.
What are the elements of a contract? In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.
A letter of intent (LOI) may be legally binding, depending on how it is worded and, in some cases, whether a court has determined it is legally binding.
Machinery and Equipment, Sales and Use Tax ExemptionNorth Carolina does not levy a sales and use tax on repairs to industrial machinery or service contracts for mill machinery.
200b200b200b200bNorth Carolina property tax law requires counties to assess the value of motor vehicles registered with the N.C. Division of Motor Vehicles. As part of NCDMV's Tag & Tax Together program, the vehicle owner pays the property tax at the same time as the vehicle's registration renewal fee.
The Machinery Act (General Statute 105, Subchapter II) provides the framework for the listing, assessing, and appraising of both real and personal property in North Carolina. Under G. S. 105-286, all counties are required to conduct a reappraisal at least every eight (8) years.
Courts in North Carolina will enforce the terms of a letter of intent if it otherwise meets the elements for an enforceable contract, which are assent, mutuality of obligation, and definite terms.
Can you pay someone's delinquent taxes and become the owner of the property? No. Paying someone else's taxes will not entitle you to any legal ownership to the property.
