The AU-196.10 form applies to any sale, transfer, or assignment of business assets conducted outside the ordinary course of business in New York State. The purchaser, seller, or escrow agent must submit this notification to the New York State Commissioner of Taxation and Finance at least ten days before the transaction date. Filing must be completed through registered mail for the notification to be legally valid.
The form requires full disclosures from all parties involved in the transaction, including their mailing addresses and identification numbers. It also requires a comprehensive account of the assets being transferred. These assets can include tangible personal property, motor vehicles, merchandise inventory for resale, manufacturing equipment, real estate, and intangible property such as goodwill. Each asset category must include a breakdown of the corresponding sales prices.
Buyers must review their tax liabilities before the transaction closes. In certain cases, submitting an application for a Certificate of Authority is required under New York sales tax rules. Failing to file on time or providing incomplete information can result in significant financial penalties for the purchaser. For related New York transactions, a New York real estate purchase agreement or a New York LLC operating agreement may also be needed to properly document the full transfer of business assets.
| Question | Answer |
|---|---|
| Form Name | Au 196 10 Form |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | assignment bulk, au 196 10, 196 taxation form, nys au 196 10 |