What is Bpol tax Virginia?

For more than a hundred years, the Business, Professional, and Occupational License (BPOL) tax has been a bane for all Virginia businesses. The tax is imposed on a company's gross receipts in a locality, without any adjust- ment for the business's income or the deductible expenses incurred by the business.

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USLegal Guide to Sale of a Business

Fairfax Virginia USLegal Guide to Sale of a Business

Name: Fairfax Virginia USLegal Guide to Sale of a Business
Brand: US Legal Forms
Rating: 4.85 (359 reviews)

Category:

Small Business - Business Sale

State:

Multi-State

County:

Fairfax

Control #:

US-GDE-12

Format:

Instant download

Description

This guide is an overiew of selling a business. Topics included cover buy-sell agreements, selling memorandum, purchase contracts, disclosures, valuation, financing, and more.

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FAQ

Business Licenses The state of Virginia doesn't have a general business license; however, many cities require a business license to operate. Sales Tax Certificate Businesses selling products and certain services will need to register for a Sales Tax Permit with the Virginia Department of Taxation.

Not every Virginia business needs a license. However, many types of businesses either can or must get one or more licenses or permits. Different licenses and permits are issued by different agencies. For example, certain permits related to environmental regulations are issued by the Department of Environmental Quality.

All businesses with a physical location in Fairfax Countyincluding home-based businessesmust have a business license called a Business, Professional and Occupational License (BPOL).

Cost of Business License The cost of the business license is based upon your estimate of total gross receipts from the day the business opens to December 31 of the same year. If the estimate is less than $100,000, the license will cost $50.00 which is the minimum tax.

There is no fee for businesses with gross receipts/purchases of $10,000 or less. For businesses with gross receipts/purchases of $10,001 - $50,000, the fee is $30. For businesses with gross receipts/purchases of $50,001 - $100,000, the fee is $50.

The only state-level permit or license in Virginia is the sales tax certificate, also known as a seller's permit. You must obtain a sales tax certificate if you: Are engaged in business in Virginia. Intend to sell or lease tangible personal property that would ordinarily be subject to sales tax if sold at retail.

The good news is that Virginia isn't one of those states and doesn't have a statewide business license requirement. However, just like other states, Virginia does have license and/or certification requirements for specific business activities.

For more than a hundred years, the Business, Professional, and Occupational License (BPOL) tax has been a bane for all Virginia businesses. The tax is imposed on a company's gross receipts in a locality, without any adjust- ment for the business's income or the deductible expenses incurred by the business.

Fairfax Virginia USLegal Guide to Sale of a Business

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