What do I do if I sell or purchase a business?

What do I do if I sell or purchase a business?

You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale or Purchase of Business Assets, within 10 days of the sale.  Forms received more than 10 days after the sale date will not be processed.  The purchaser may be held liable for any debt incurred by the seller.  Attach a copy of the sales contract and financing agreement, if, outside your usual course of business, you sell or transfer the major part of

• the stock of goods that you are in the business of selling,
• the furniture or fixtures,
• the machinery and equipment, or
• the real property of your business.

If you need additional information, contact us at the address or telephone numbers below.

write:
BULK SALES UNIT
ILLINOIS DEPARTMENT OF REVENUE
100 WEST RANDOLPH, 7-400
CHICAGO, IL 60601
call: 312 814-3063
fax: 312 793-3841

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