Maryland Sale of a Business Package

State:
Maryland
Control #:
MD-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

Charges for services are generally exempt from Maryland sales and use tax unless they are specifically taxable under Maryland law.

California law restricts the application of sales or use tax to transfers or consumption of tangible personal property or physical property other than real estate. Unlike many other states, California does not tax services unless they are an integral part of a taxable transfer of property.

Licenses & Permits A business license is required for most businesses, including retailers and wholesalers. A trader's license is required for buying and re-selling goods. And you, or the professionals you hire, may need individual occupational and professional licenses.

To be formally considered a sale, a transaction must involve the exchanging of goods, services, or payments between a buyer and a seller.

Unless you are a grower or manufacturer, you may not offer for sale, sell or otherwise dispose of any goods within Maryland, without first obtaining a trader's license from the Clerk of the Circuit Court and opening a sales tax account.

Manufacturing or producing personal property; Transportation of electricity or natural gas; Commercial cleaning and janitorial services; Certain telecommunications services; Credit reporting; Security services; and.

Sales Tax Exemptions in Maryland Several exemptions to the state sales tax are certain types of prescription medication, some medical equipment and devices, certain types of food (specifically snack food), and certain items which are used for farming.

Licenses & Permits A business license is required for most businesses, including retailers and wholesalers. A trader's license is required for buying and re-selling goods. And you, or the professionals you hire, may need individual occupational and professional licenses.

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Maryland Sale of a Business Package