Virginia Checklist - Sale of a Business

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Multi-State
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US-04096BG
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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

You cannot cancel your EIN, however, you can close your account with the IRS. You'll need to send a letter to the IRS office and explain the reason you want to close your tax account. You'll need to include important details about your business, such as the corporation name, structure, address and EIN.

To dissolve an LLC in Virginia, you'll need to file Articles of Cancellation with the state. These can be filed in either online or by mail. To file Articles of Cancellation, you must pay the Virginia State Corporation Commission a fee of $25.

HOW TO GET A RESALE CERTIFICATE IN VIRGINIA2714 STEP 1 : Complete the Virginia Sales and Use Tax Registration.2714 STEP 2 : Fill out the Virginia ST-10 tax exempt form.2714 STEP 3 : Present a copy of this certificate to suppliers when you wish to purchase items for resale.

If you have paid any contractors at least $600 for services (including parts and materials) during the calendar year in which you close your business, you must report those payments.

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.

To dissolve an LLC in Virginia, simply follow these three steps: Follow the Operating Agreement. Close Your Business Tax Accounts....Step 1: Follow Your Virginia LLC Operating Agreement.Step 2: Close Your Business Tax Accounts.Step 3: File Articles of Dissolution.

Follow these steps to closing your business:Decide to close.File dissolution documents.Cancel registrations, permits, licenses, and business names.Comply with employment and labor laws.Resolve financial obligations.Maintain records.

To dissolve an LLC in Virginia, simply follow these three steps: Follow the Operating Agreement. Close Your Business Tax Accounts....Step 1: Follow Your Virginia LLC Operating Agreement.Step 2: Close Your Business Tax Accounts.Step 3: File Articles of Dissolution.

HOW TO GET A RESALE CERTIFICATE IN VIRGINIA2714 STEP 1 : Complete the Virginia Sales and Use Tax Registration.2714 STEP 2 : Fill out the Virginia ST-10 tax exempt form.2714 STEP 3 : Present a copy of this certificate to suppliers when you wish to purchase items for resale.

Virginia does not charge for a sales tax permit. Other business registration fees may apply. Contact each state's individual department of revenue for more about registering your business. 5.

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Virginia Checklist - Sale of a Business