Bulk Sale Notice
About this form
The Bulk Sale Notice is a legal document used to inform creditors of a seller about an impending sale of a substantial amount of goods from the seller's inventory. This form is essential for compliance with the bulk sales law, which protects creditors by requiring them to be notified of the sale. Unlike other sales notifications, this notice specifically addresses situations where a business is liquidating or transferring a significant part of its inventory.
Form components explained
- Date of the notice.
- Name and address of the seller.
- Name and address of the buyer.
- Statement regarding the seller's business names used in the past three years.
- Instructions for creditors to submit bills.
- Signature and printed name of the buyer.
When to use this form
This form should be utilized when a business is executing a bulk sale of inventory, especially during liquidation or business transfer. It serves as a formal notification to creditors, ensuring they are aware of the sale and have the opportunity to protect their interests. Using this notice helps prevent legal complications and disputes over unpaid debts following the sale.
Who this form is for
- Businesses planning to sell a significant portion of their inventory.
- Owners of businesses who are liquidating or transferring assets.
- Buyers acquiring inventory from a business undergoing a sale.
- Creditors who need to be informed about bulk sales affecting them.
Completing this form step by step
- Enter the date of the notice at the top of the form.
- Provide the name and address of the seller.
- Fill in the name and address of the buyer.
- Declare the seller's business names used in the past three years.
- Specify the address where creditors should send their bills.
- Sign and print the name of the buyer at the bottom of the form.
Does this document require notarization?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to notify all creditors.
- Not providing sufficient notice period before the sale.
- Omitting the seller's previous business names.
- Incorrectly completing the buyer's information.
Why complete this form online
- Convenience of downloading and filling out the form at your own pace.
- Editable format allows for easy modifications before finalizing.
- Access to professionally drafted templates ensures legal compliance.
- Quick delivery reduces time spent on paperwork.
What to keep in mind
- The Bulk Sale Notice is crucial for notifying creditors of a significant business sale.
- Completing the form correctly helps creditors protect their interests during the transaction.
- Always check local regulations for specific requirements related to bulk sales.
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FAQ
The purpose of the bulk sales law (Act 3952) is to prevent the defrauding of creditors by secret sale or disposal in bulk of all or substantially all of the merchant's stock or goods.
The sale of a large number of real estate properties at the same time as if they were one unit. The properties are not connected and usually have nothing in common except that they are sold in the same transaction.
The purpose of the Bulk Sale Statute is to protect a purchaser from inheriting any tax debt from a seller of business assets. A bulk sale is the sale (or transfer or assignment) of an individual's or company's business asset/s, in whole or in part, outside of the ordinary course of business.
The purpose of the Bulk Sale Statute is to protect a purchaser from inheriting any tax debt from a seller of business assets. A bulk sale is the sale (or transfer or assignment) of an individual's or company's business asset/s, in whole or in part, outside of the ordinary course of business.
A bulk sales agreement sets forth the terms and conditions regarding the transfer of a large segment of the seller's materials, merchandise and the like. The contract must be for the purpose of transferring business assets.
Under New York tax law, the acquisition of business property may be classified as a bulk sale, which is defined as 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
Selling in Bulk Means Buying in Bulk. When you want to sell large quantities of a single item, you have to buy large quantities of a single item. This requires buying in bulk, so you can have enough inventory to last for several weeks' or months' worth of auctions.
The sale of a large number of real estate properties at the same time as if they were one unit. The properties are not connected and usually have nothing in common except that they are sold in the same transaction.
