Texas Sale of a Business Package

State:
Texas
Control #:
TX-P018-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package contains essential legal documents to assist individual or corporate buyers or sellers in the sale of a business. You may modify these forms to fit your particular circumstances. Some documents in this package are state-specific.



This package contains the following forms:



1) Agreement for Sale of Business- Sole Proprietorship

2) Asset Purchase Agreement

3) Bill of Sale for Personal Assets

4) Promissory Note

5) Landlord's Consent to Assignment of Lease

6) Retained Employees Agreement

7) Noncompetition Covenant by Seller

8) Profit and Loss Statement

9) Bill of Sale in Connection with Sale of Business by Individual or Corporate Seller


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FAQ

Selling Online If you are in Texas and sell taxable items, you must have a Texas sales tax permit unless your sales qualify as occasional sales. by mail with Form AP-201, Texas Application (PDF).

Multiply retail price by tax rate Your math would be simply: cost of the item x percentage as a decimal = sales tax. That's $100 x . 05 =$5. Since you've figured out the sales tax is $5, that means the total you'll pay is $105.

To determine how much sales tax to charge, multiply your customer's total bill by the sales tax rate.

Selling Online If you are in Texas and sell taxable items, you must have a Texas sales tax permit unless your sales qualify as occasional sales. by mail with Form AP-201, Texas Application (PDF).

Step 1 Begin by downloading the Texas Sales and Use Tax Resale Certificate Form 01-339. Step 2 Identify the name, address and phone number of the purchaser.

Sales Tax Calculation To calculate the sales tax that is included in a company's receipts, divide the total amount received (for the items that are subject to sales tax) by "1 + the sales tax rate". In other words, if the sales tax rate is 6%, divide the sales taxable receipts by 1.06.

The Texas state sales and use tax rate is 6.25 percent, but local taxing jurisdictions (cities, counties, special-purpose districts and transit authorities) also may impose sales and use tax up to 2 percent for a total maximum combined rate of 8.25 percent.

The sales tax is calculated by multiplying the sales tax percentage by the dollar amount of the retail cost of the product or service.

Most states require taxes on goods sold to businesses, but not on services. Businesses will now have to pay sales tax on marketing, on hardware repair and other IT services, on architectural or engineering services, on payroll and accounting services, and so forth.

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Texas Sale of a Business Package