A Bulk Sales Affidavit Form is used by a seller of a business to inform the buyer of all creditors of the business and the amount of their claims against the business. Generally, failure to comply with the Bulk Sales or Transfers Act portion of the Uniform Commercial Code will mean that original creditors of a seller will have a lien against the assets and inventory which are transferred to the buyer.
New York Bulk Sales Transfer Affidavit
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US-00043DR
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How to fill out Bulk Sales Transfer Affidavit?
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The New York resale certificate also allows for the reselling of the goods. In addition, the sales tax certificate gives the holder tax-free status. In return for not paying sales tax on the wholesale goods, the holder is obligated to collect sales tax at the point of sale when they conduct business reselling.
A purchaser in a bulk sale transaction is also responsible for paying the sales tax due on any tangible personal property purchased or acquired. The tax due may be paid to the seller to be remitted with the seller's final return, or it may be paid directly to the Tax Department.
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.
Notice must contain: All business names and addresses used by Seller and Buyer within the past three years; Location and general description of assets to be sold; Location and (expected) date of the Bulk Sale; Whether the Bulk Sale is a Small Cash Sale.
(c) Whenever a person required to collect tax shall make a sale, transfer, or assignment in bulk of any part or the whole of his business assets, otherwise than in the ordinary course of business, the purchaser, transferee or assignee shall at least ten days before taking possession of the subject of said sale, ...
A purchaser in a bulk sale transaction is also responsible for paying the sales tax due on any tangible personal property purchased or acquired. The tax due may be paid to the seller to be remitted with the seller's final return, or it may be paid directly to the Tax Department.
The short answer is that Article 6 ? Bulk Transfers and Bulk Sales of the New York Uniform Commercial Code, which had required a buyer of assets in bulk to notify the seller's ?claimants? (i.e. a person holding a claim incurred in the seller's business), was REPEALED effective July, 1, 2001.
(1) The term bulk sale as used in this Part means any sale, transfer or assignment in bulk of any part or the whole of business assets, other than in the ordinary course of business, by a person required to collect tax and pay the same over to the Department of Taxation and Finance.