Sale Of Business Asset With Personal Use In Ohio

Category:

Small Business - Business Sale

State:

Multi-State

Control #:

US-00418

Format:

Instant download

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Description

This form is an Asset Purchase Agreement. The buyer agrees to purchase from the seller certain assets which are listed in the agreement. The form also provides a listing of certain assets which will be excluded from the sale. The form must be signed in the presence of a notary public.

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A purchaser of the assets of a business will be liable for any unpaid sales tax of the seller, as well as any accrued interest and penalties related thereto. Due to the phase-out of the personal property tax in Ohio, the 2008 tax return will be the final annual personal property tax return required to be filed.This publication explains how the federal tax laws apply to farming. Use this publication as a guide to figure your taxes and complete your farm tax return. The use tax is a "back stop" for sales tax and generally applies to property purchased outside the state for storage, use or consumption within the state. In Ohio, sales of tangible personal property are presumed taxable unless an exemption exists.

Sale Of Business Asset With Personal Use In Ohio

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