Tennessee Checklist - Sale of a Business

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Multi-State
Control #:
US-04096BG
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Word; 
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Description

The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The buyer and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situations. Depending on the nature of the business sold, statutes and regulations concerning the issuance and transfer of permits, licenses, and/or franchises should be consulted. If a license or franchise is important to the business, the buyer generally would want to make the sales agreement contingent on such approval. Sometimes, the buyer will assume certain debts, liabilities, or obligations of the seller. In such a sale, it is vital that the buyer know exactly what debts he/she is assuming.
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FAQ

Step 1 Visit the Tennessee Secretary of State website to go to the search page for finding registered business entities in the state. The search page looks something like the screenshot below. Step 2 You can search for the entities using entity name or control.

Log in to TNTAP. Select the Summary tab. Select the Additional Actions link next to the account. Click the Close Account link.

To void your business permit, get in touch with the County Clerk. Close any tax accounts that you may have opened. You can call the Tennessee Department of Revenue to close your state account. Close your EIN account by writing a request to the IRS.

To obtain a Certificate of Tax Clearance, contact the Tennessee Department of Revenue at (615) 741-8999.

How to Close a Corporation in TennesseeHave a board of directors' meeting.Have a shareholders' meeting in order to approve the motion to dissolve the corporation.Submit a written Consent to Dissolution to the Tennessee Secretary of State.Submit any required annual reports to the Tennessee Secretary of State.More items...

Steps to Take to Close Your BusinessFile a Final Return and Related Forms.Take Care of Your Employees.Pay the Tax You Owe.Report Payments to Contract Workers.Cancel Your EIN and Close Your IRS Business Account.Keep Your Records.

How to Close a Corporation in TennesseeHave a board of directors' meeting.Have a shareholders' meeting in order to approve the motion to dissolve the corporation.Submit a written Consent to Dissolution to the Tennessee Secretary of State.Submit any required annual reports to the Tennessee Secretary of State.More items...

SUT-11 - Sales and Use Tax Account - Closing an AccountLog in to TNTAP.Select the Summary tab.Select the Additional Actions link next to the account.Click the Close Account link.Answer Do you want to close all locations?" with Yes.Enter in the date closed, closure reason, and click next.More items...?

SUT-11 - Sales and Use Tax Account - Closing an AccountLog in to TNTAP.Select the Summary tab.Select the Additional Actions link next to the account.Click the Close Account link.Answer Do you want to close all locations?" with Yes.Enter in the date closed, closure reason, and click next.More items...?

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Tennessee Checklist - Sale of a Business