Utah Sale of a Business Package

State:
Utah
Control #:
UT-P018-PKG
Format:
Word; 
Rich Text
Instant download

Description Utah Business Sales

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

In most cases, all businesses in Utah are required by law to register with the Utah Department of Commerce, Division of Corporations and Commercial Code, the Utah Department of Workforce Services, the Utah State Tax Commission, the Utah Labor Commission, Internal Revenue Service and with local municipalities to obtain

Taxable services performed in Utah are subject to Utah sales and use tax even if the service is performed on goods later shipped to another state.

Services. Tangible products. Digital products. Digital products are goods that are delivered or accessed electronically, usually through the internet. Software-as-a-Service products. Sales tax on shipping charges in Utah. Penalties. Discounts. Sales Tax Holidays.

Services. Tangible products. Digital products. Digital products are goods that are delivered or accessed electronically, usually through the internet. Software-as-a-Service products. Sales tax on shipping charges in Utah. Penalties. Discounts. Sales Tax Holidays.

File final tax returns within 30 days of the business sale. Close all open tax accounts with the Utah State Tax Commission. Provide the purchaser with a receipt or letter from the Utah State Tax Commission showing no sales or special fuel taxes are owed.

Traditional Goods or Services Goods that are subject to sales tax in Utah include physical property, like furniture, home appliances, and motor vehicles. Prescription medicine and gasoline are both tax-exempt. Utah charges a 3%, reduced rate on the purchase of groceries.

Some professional services are taxable in Utah. The state stipulates that sales tax is applied to retail sales and leases of tangible personal property, products transferred electronically, and certain services.

Repair charges for labor are subject to sales tax unless the personal property being repaired is exempt under §59-12-104. The determination of whether repair labor is exempt from sales tax is based on the personal property being repaired, not on whether the parts used in the repair are exempt.

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Utah Sale of a Business Package