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.
Tennessee Bulk Sales Transfer Affidavit
Category:
State:
Multi-State
Control #:
US-00043DR
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Bulk Sales Transfer Affidavit?
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FAQ
Some customers are exempt from paying sales tax under Tennessee law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.
If the vehicle was received as a gift, an Affidavit of Non-Dealer Transfers of Motor Vehicles and Boats (Gift Affidavit) completed by both the giver and the receiver is needed. In the case of gifts, no sales tax will be due.
Certain Tennessee non-profits are eligible to be exempt from Tennessee state and local sales tax. You will need to complete an application for non-profit sales and use tax exemption and submit it and all required documentation (copies of articles, bylaws, IRS determination)to the Tennessee Department of Revenue.
Certain entities under specific circumstances are exempt from paying the business tax. These may include, but are not limited to, people acting as employees, manufacturers, religious and charitable entities selling donated items, direct-to-home satellite providers, and movie theaters.
All individuals, as well as businesses operating in the state, must pay use tax when the sales tax was not collected by the seller on otherwise taxable products brought or shipped into Tennessee. The use tax applies to all items otherwise subject to sales tax except for services and amusements.
In Tennessee, services that are generally not subjected to either sales or use taxes include data processing, information services, and management consulting services. Businesses that offer management consulting or management services are required to pay a local gross receipts tax.