US Legal Forms
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Bill of Sale
Multi-State
Simple Bill of Sale for Personal Property Used in Connection with...

Personal Use Property Examples In Chicago

Q: What qualifies as personal use?

DEFINITION of &#039;Personal Use Property&#039; A type of property that an individual does not use for business purposes or hold as an investment.

Q: What is considered personal property in Illinois?

Tangible personal property exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.

Category:

Bills of Sale - Businesses

State:

Multi-State

City:

Chicago

Control #:

US-00167

Format:

Instant download

Description

The Bill of Sale is a legal document used for the transfer of personal property in connection with the sale of a business in Chicago. This form outlines the transaction details, including the parties involved, the consideration amount, and a description of the personal property being sold, such as furniture, equipment, and inventory. It is crucial to indicate that the sale is made 'as is,' meaning the buyer accepts the property in its current condition without any warranties from the seller. This document serves various target audiences, including attorneys, partners, owners, associates, paralegals, and legal assistants, by providing a structured template to facilitate property transfers. To fill out the form, users must enter the date, the amount of the sale, the seller’s name, and a detailed description of the property. Editing the document requires ensuring all parties sign in the appropriate sections, with a notary public witnessing the transaction. Personal use property examples relevant to this form may include office furniture, computer systems, and other tangible assets used for business operations. Proper usage of this form helps to protect buyers and sellers by clearly documenting the terms of the transaction.

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FAQ

Personal Property Personal belongings such as clothing and jewelry. Household items such as furniture, some appliances, and artwork. Vehicles such as cars, trucks, and boats. Bank accounts and investments such as stocks, bonds, and insurance policies.

Personal-use property is not purchased with the primary intent of making a profit, nor do you use it for business or rental purposes.

Personal use property is used for personal enjoyment as opposed to business or investment purposes. These may include personally-owned cars, homes, appliances, apparel, food items, and so on.

DEFINITION of 'Personal Use Property' A type of property that an individual does not use for business purposes or hold as an investment.

“Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.

A personal property tax is imposed by state or local governments on certain assets that can be touched and moved such as cars, livestock, or equipment. Personal property includes assets other than land or permanent structures such as buildings. These are considered to be real property.