A Bulk Sales Affidavit Form is used by a seller of a business to inform the buyer of all creditors of the business and the amount of their claims against the business. Generally, failure to comply with the Bulk Sales or Transfers Act portion of the Uniform Commercial Code will mean that original creditors of a seller will have a lien against the assets and inventory which are transferred to the buyer.
Connecticut Bulk Sales Transfer Affidavit
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Multi-State
Control #:
US-00043DR
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Word;
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How to fill out Bulk Sales Transfer Affidavit?
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FAQ
These transactions are governed by Article 6 of the Uniform Commercial Code, which has been adopted in most jurisdictions, the primary purpose of which is to put creditors of the seller on notice that the majority of the seller's assets are being sold.
A purchaser who has committed to purchasing the business or stock of goods of a seller may submit Form AU-866, Request for a Tax Clearance Certificate, to the Department of Revenue Services (DRS). The DRS will issue a tax clearance certificate or escrow letter within sixty (60) days of receipt of Form AU-866.
Tax-exempt goods Some goods are exempt from sales tax under Connecticut law. Examples include bicycle helmets, most non-prepared food items, medicines, and some medical devices and supplies.
Assets not subject to bulk sale include: Retail sales to customers; Any sales made in the ordinary course of business; and. Any single or two family residential unit owned by an individual, estate, or trust including any combination of or multiples of individuals, estates and trusts.
Definition any sale outside the ordinary course of the Seller's business. of more than half the Seller's inventory and equipment. as measured by the fair market value on the date of the Bulk Sale Agreement (?Agreement?).
The bulk transfer law is designed to prevent a merchant from defrauding his or her creditors by selling the assets of a business and neglecting to pay any amounts owed the creditors. The law requires notice so that creditors may take whatever legal steps are necessary to protect their interests.
Under successor liability, the purchaser of a business is liable for the taxes of the previous owner to the extent of the purchase price of the business unless the purchaser obtains a tax clearance certificate from DRS. Successor liability applies where: A person voluntarily sells a business; or.
The bulk sales law does not apply to a sale of assets having a net fair market value of less than $10,000 or more than $5,000,000. The law also does not apply to the sale of an interest in a business entity, such as stock in a corporation or a membership interest in a limited liability company.