North Carolina Sale of a Business Package

State:
North Carolina
Control #:
NC-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

Traditional Goods or Services Goods that are subject to sales tax in North Carolina include physical property, like furniture, home appliances, and motor vehicles. Prescription Medicine, groceries, and gasoline are all tax-exempt. Some services in North Carolina are subject to sales tax.

Get license requirements. The State of North Carolina does not issue a single business license. Your business may be subject to state, city, county and/or federal requirements. Call our Small Business Advisor team at (800) 228-8443 or (919) 447-7828 to determine your state license needs.

All shipping, handling, transportation, and delivery charges imposed by the retailer that are in any way connected with the sale of taxable tangible personal property, certain digital property, and certain services for storage, use, consumption or otherwise sourced to the State, are subject to the North Carolina use

Every person engaged in business in North Carolina is required to collect and pay sales or use tax on retail sales or leases of tangible personal property and certain digital property not specifically exempt by law. Some services are also taxable.

The basic rule for collecting sales tax from online sales is: If your business has a physical presence, or nexus, in a state, you must collect applicable sales taxes from online customers in that state. If you do not have a physical presence, you generally do not have to collect sales tax for online sales.

Goods that are subject to sales tax in North Carolina include physical property, like furniture, home appliances, and motor vehicles. Prescription Medicine, groceries, and gasoline are all tax-exempt. Some services in North Carolina are subject to sales tax.

See the latest data. Five states do not have statewide sales taxes: Alaska, Delaware, Montana, New Hampshire, and Oregon. California has the highest state-level sales tax rate, at 7.25 percent.2 Four states tie for the second-highest statewide rate, at 7 percent: Indiana, Mississippi, Rhode Island, and Tennessee.

Unlike other states, in North Carolina, shipping charges are taxed whether retailers separate those charges on the invoice or combine them with the rest of the bill. If the items in a shipment are tax-exempt, shipping on those items is also tax-exempt.

Yet because most states tax most sales of goods and require consumers to remit use tax if sales tax isn't collected at checkout, the only way to avoid sales tax is to purchase items that are tax exempt.

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North Carolina Sale of a Business Package