South Dakota Sale of a Business Package

State:
South Dakota
Control #:
SD-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


Purchase this package and save up to 40% over purchasing the forms separately!

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FAQ

Are services subject to sales tax in South Dakota? The state of South Dakota does in fact usually collect sales taxes on the vast majority of services performed. An example of services which are not taxed would be a professional service provider which is related to health.

Typically, early sales tax laws allowed only the taxation of tangible personal property (TPP), rather than taxing services. As the United States has shifted from a manufacturing-based economy to a service-based economy, many states started to impose sales and use tax on services as well.

Traditional Goods or Services Goods that are subject to sales tax in South Dakota include physical property, like furniture, home appliances, and motor vehicles. The purchase of prescription medication and gasoline are tax-exempt. South Dakota is unique in the fact that almost all services are taxable.

Professional services: These are considered the least-taxed services due to powerful lobbying presences. Accountants fall into this area, as well as the work performed by attorneys and healthcare professionals, among other licensed professionals.

South Dakota almost always requires sellers to charge sales tax on shipping charges. The only time you wouldn't charge sales tax on shipping charges are when you are shipping a box full of non-taxable items.

The statewide tax rate is 7.25%. In most areas of California, local jurisdictions have added district taxes that increase the tax owed by a seller. Those district tax rates range from 0.10% to 1.00%. Some areas may have more than one district tax in effect.

Are services subject to sales tax in South Dakota? "Goods" refers to the sale of tangible personal property, which are generally taxable. "Services" refers to the sale of labor or a non-tangible benefit. In South Dakota, services are taxable unless specifically exempted.

What is South Dakota's Sales Tax Rate? The South Dakota sales tax and use tax rates are 4.5%.

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South Dakota Sale of a Business Package