Buying or Selling a Business
As the buyer of a business that sells goods, you must
- Obtain a sales tax license and
- Pay sales tax with the Retail Sales Tax Return For Occasional Sales (DR 0100A) on the tangible personal property included in the purchase of the business by the 20th day of the month following the sale.
If you are buying a business, you may request a “Tax Status Letter” from the Department of Revenue. The letter indicates the Department’s current information regarding where the business stands with tax payments and tax delinquencies. Complete a Request for a "Tax Status Letter" (DR 0096). The fee is $7 per tax. The seller of the business may request the letter for the buyer or the buyer may request the letter with a power of attorney from the seller.
If you are selling a business, you must
- Pay all business taxes due at the time of the sale.
- Pay sales tax collected on the sale of tangible property.