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.
South Carolina Bulk Sales Transfer Affidavit
Category:
State:
Multi-State
Control #:
US-00043DR
Format:
Word;
Rich Text
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How to fill out Bulk Sales Transfer Affidavit?
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FAQ
The withholding amount is 7% of the gain recognized on the sale by a nonresident individual, partnership, trust, or estate, or 5% of the gain recognized on the sale by a nonresident corporation or other nonresident entity, if the seller provides the buyer with a Seller's Affidavit stating the amount of gain.
The affidavit is used by a nonresident shareholder or partner to request an exemption from the withholding required pursuant to SC Code Section 12-8-590. Shareholders or partners who will be included in a composite Individual Income Tax return do not need to complete this affidavit.
A person is not required to withhold taxes for a nonresident taxpayer who submits an affidavit (Form I-312) certifying that they are registered with either the South Carolina Secretary of State or the South Carolina Department of Revenue.
S Corporations are subject to an annual License Fee of . 1% of capital and paid-in-surplus, plus $15. The License Fee cannot be less than $25. Both the Income Tax and License Fee are reported on form SC1120S.
The transferee can obtain from the transferor a ?Transferor Affidavit.? The purpose of this affidavit is to protect the transferee who is not receiving business assets or where the transferor is not transferring a majority of the assets of a business in this and other related or planned transfers from a tax lien that ...
If the seller gives the buyer a ?Seller's Affidavit? stating that, for South Carolina income tax purposes, he will elect out of installment sales treatment, as defined by Internal Revenue Code §453, then the buyer will remit the entire amount of withholding tax in one payment.
Partnership taxpayers whose South Carolina tax liability is $15,000 or more per filing period must file and pay electronically. To file by paper, use the SC 1065 Partnership Return.
Section 12-54-124 - Transfer of business assets; tax liens; suspension of business license; certificate of compliance.