Chicago Illinois Sale of a Business Package

State:
Illinois
City:
Chicago
Control #:
IL-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

Illinois first adopted a general state sales tax in 1933, and since that time, the base sales tax rate has risen to 6.25 percent. On top of the state sales tax, there may be one or more local sales taxes, as well as one or more special district taxes, each of which can range between 0 percent and 4.75 percent.

What purchases are exempt from the Illinois sales tax? Clothing. 6.25% Groceries. 1% Prepared Food. 8% Prescription Drugs. 1% OTC Drugs. 1%

Sales tax return forms can be downloaded from Federal Board of Revenue (FBR)'s official website i.e. . The next step is to login with your company's user ID and password. A window will appear showing your company's profile and previously submitted return files.

Registering to collect sales/use tax After you register with DOR, you will receive a Sales and Use Tax Registration Certificate (Form ST-1) for each business location. The form must be displayed on the business premises where customers can easily see it.

You can file Form ST-1, Sales and Use Tax and E911 Surcharge electronically using MyTax Illinois to report your sales and use tax liability. If you are reporting sales for more than one location or from a changing location, you must also submit Form ST-2, Multiple Site Form.

Yes, you can use MyTax Illinois at mytax.illinois.gov to file your Form ST-1, and, if applicable, Form ST-2 and Schedule GT. MyTax Illinois also allows for electronic payment of any tax due. You can also file Form ST-1 using a direct file service through an outside vendor.

You can pay this sales tax online through MyTax Illinois, the tax web portal for the Illinois Department of Revenue. As an Illinois resident, if you buy goods or services from a seller out of state who does not collect sales tax (such as an internet purchase), you're also required to pay state sales tax.

Can I file this return and pay the tax due electronically? Yes, you can use MyTax Illinois at mytax.illinois.gov to file your Form ST-1, and, if applicable, Form ST-2 and Schedule GT. MyTax Illinois also allows for electronic payment of any tax due.

Yes, when filing your return you can choose to either deduct your income tax or sales tax.

In Illinois, you will be required to file and remit sales tax either monthly, quarterly or annually. Illinois sales tax returns are always due the 20th of the month following the reporting period. If the filing due date falls on a weekend or holiday, sales tax is generally due the next business day.

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Chicago Illinois Sale of a Business Package