Virginia Sale of a Business Package

State:
Virginia
Control #:
VA-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

Charges for services generally are exempt from the retail sales and use tax. However, services provided in connection with sales of tangible personal property are taxable.

Sales Tax Rates The sales tax rate for most locations in Virginia is 5.3%. Five areas have an additional regional or local tax as outlined below. In all of Virginia, food for home consumption (e.g. grocery items) and certain essential personal hygiene items are taxed at a reduced rate of 2.5%.

When calculating the amount of Virginia Sales Tax, multiply the total price of the transaction by either 5.3 or 6.0 percent, depending on the location. Here are examples: In Norfolk, which is in the region called Hampton Roads, a $100 sale of general merchandise would incur a sales tax of 6 percent $6.

In general, you will need a sales tax permit in Virginia if you have a physical presence or meet economic nexus requirements.Once you're sure you need a sales tax permit in Virginia, you can proceed with registering.

In the state of Virginia, legally sales tax is required to be collected from tangible, physical products being sold to a consumer. Several exceptions to this tax are certain types of protective clothing, certain assistive medical devices, learning institute's textbooks, and software and data center equipment.

1, 2020, the sales and use tax rates go up by 0.7% for a total of 6%. This includes the 4.3% state tax, the new 0.7% regional state tax and the 1% local option tax.

Sales Tax Rates The sales tax rate for most locations in Virginia is 5.3%. Five areas have an additional regional or local tax as outlined below. In all of Virginia, food for home consumption (e.g. grocery items) and certain essential personal hygiene items are taxed at a reduced rate of 2.5%.

Tax-exempt customers Some customers are exempt from paying sales tax under Virginia 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.

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Virginia Sale of a Business Package