West Virginia Sale of a Business Package

State:
West Virginia
Control #:
WV-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

A sales tax permit can be obtained by registering online through the WV State Tax Department or by mailing the Business Registration Application (Form WV/BUS-APP). Information needed to register includes: Federal Employer Identification Number (FEIN), or SSN if a sole proprietorship with no employees.

The WV State Tax Department is located at 1124 Smith Street, Charleston, WV 25301. You can contact them by phone at 304.558. 3333 or online at www.business4wv.com. The cost of a General Municipal Business License is $20.00.

In the state of West Virginia, legally sales tax is required to be collected from all tangible, physical products being sold to a consumer, in addition to the vast majority of services performed. Several exceptions to this tax are certain types of prescription medicines, and items purchased for resale.

The West Virginia (WV) state sales tax rate is currently 6%. Depending on local municipalities, the total tax rate can be as high as 7%.

If you are engaged in business activity, a business registration certificate can be obtained by filing an application, either through the Business for West Virginia Website or by filing a BUS-APP with the Tax Commissioner.

West Virginia's use tax is a 6% tax on the use of tangible personal property or services in West Virginia where West Virginia sales tax has not been paid. An additional municipal tax may also apply.

The filing fee is $100.

Cost to Form a West Virginia LLC The LLC filing fee is $100; however, the fee is waived for veteran-owned businesses. Standard approval for the LLC is 5-10 days. Expedited service is available. One-hour approval is an additional $500, 2-hour approval is an additional $250, and 24-hour approval is an additional $25.

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West Virginia Sale of a Business Package