Michigan Sale of a Business Package

State:
Michigan
Control #:
MI-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

Delivery charges include, but are not limited to, transportation, shipping, postage, handling, crating, and packing and are generally subject to Michigan tax.

It is immaterial whether the delivery charges are broken out separately or combined with the sale amount. Therefore, if the tangible personal property a retailer is selling is subject to Michigan sales or use tax then any delivery charges are subject to Michigan sales or use tax.

If you are trying to decide which rate to charge based on either shipping or billing address, the short answer is to charge sales tax based on your customer's shipping address.

Services in Michigan are generally not taxable. But watch out if the service you provide includes creating or manufacturing a product, you may have to deal with the sales tax on products. Tangible products are taxable in Michigan, with a few exceptions.

The dissolution is effected by executing and filing a Certificate of Dissolution (form CSCL/CD-531) on behalf of the corporation with the Corporations Division. The certificate must state the name of the corporation and that the corporation is dissolved pursuant to an agreement under section 488.

The majority of states (Arkansas, Connecticut, Georgia, Illinois, Kansas, Kentucky, Michigan, Mississippi, Nebraska, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia and

For taxable sales, delivery and shipping charges that are included in the sale price are generally subject to state sales tax.Handling charges can be combined with shipping charges; if stated separately, shipping and handling charges are exempt.

Clothing. 6% Groceries. EXEMPT. Prepared Food. 6% Prescription Drugs. EXEMPT. OTC Drugs. 6%

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Michigan Sale of a Business Package