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

Answer #750 -- ( Published 10/01/2008 11:55 AM | Updated 07/12/2017 10:40 AM )

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, Purchase, or Transfer of Business Assets, 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.

Forms received more than 10 days after the sale date will not be processed. The purchaser or transferee may be held liable for any debt incurred by the seller to the Department up to the amount of the reasonable value of the property acquired by the purchaser or transferee. Attach a copy of the sales contract and financing agreement to the Form CBS-1.

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

ILLINOIS DEPARTMENT OF REVENUE
BULK SALES UNIT 7-400
100 WEST RANDOLPH
CHICAGO, IL 60601

or

ILLINOIS DEPARTMENT OF REVENUE
BULK SALES UNIT
PO BOX 19035
SPRINGFIELD, IL 62794-9035

call: 312 814-3063
fax: 217 785-2635

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