Cbs 1 Form Illinois PDF Details

When a business undergoes significant changes, such as the sale, purchase, or transfer of its assets, it’s crucial for all parties involved to navigate these transitions with clear understanding and adherence to legal requirements. In Illinois, one of the key documents facilitating this process is the CBS-1 Notice of Sale, Purchase, or Transfer of Business Assets form. Required by the Illinois Department of Revenue, this form serves as a formal notification when a substantial portion of business assets change hands outside the usual course of business operations. This includes stock of goods, furniture or fixtures, machinery and equipment, and even real estate associated with the business. It’s not just a formality; completing this form promptly, within 10 days from the sale or transfer date, is essential for processing and could impact liability for any outstanding business debts. Beyond this, the form asks for detailed information about both parties involved in the transaction, the terms of the sale including financing arrangements, and demands confirmation of tax obligations. The level of detail required ensures that the state has a comprehensive record of the change in asset ownership, which is crucial for tax purposes and to prevent any potential legal missteps that could adversely affect either the seller or the purchaser. Making use of resources like the Department’s Chicago office for assistance and adhering to the submission instructions are steps in ensuring compliance with state laws and the smooth continuation or conclusion of business affairs.

QuestionAnswer
Form NameCbs 1 Form Illinois
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namescbs 1 tax illinois gov, illinois department of revenue cbs 1 form, il form cbs 1 instructions, cbs 1 instructions

Form Preview Example

Illinois Department of Revenue

CBS-1 Notice of Sale, Purchase, or Transfer of Business Assets

General information

You (or the purchaser or the transferee) must complete Form CBS-1 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,

•furniture or fixtures,

•machinery and equipment, or

•real property of your business.

Forms received more than 10 days after the sale date will not be pro- cessed. The purchaser or transferee may be held liable for any debt incurred by the seller.

If you need additional information, you may call our Chicago office weekdays between 8:30 a.m. and 5:00 p.m. at 312 814-3063.

Mail your completed Form CBS-1, a copy of the sales contract, and financing agreement to:

BULK SALES UNIT

ILLINOIS DEPARTMENT OF REVENUE 100 WEST RANDOLPH LEVEL 7-400 CHICAGO IL 60601

You may fax your form and sales contract to us at 312 793-3841.

Part 1: Identify the business being sold or transferred and the identification numbers

1

____________________________________________________

3

_______________________________________

 

Business name

 

 

 

Illinois business tax number (IBT no.) or account identification number

 

2

____________________________________________________

4

___ ___-___ ___ ___ ___ ___ ___ ___ ___ ___ ___

 

Street address

 

 

 

Federal employer identification number (FEIN)

Seq. number

 

 

____________________________________________________

5

___ ___ ___-___ ___-___ ___ ___ ___

 

 

Street address (if needed)

 

 

 

Social Security number

 

 

 

____________________________________________________

6

Are you required to pay any excise taxes?

Yes

No

 

City

State

ZIP

 

Excise tax number ________________________________________

Part 2: Identify the seller or transferor

7

____________________________________________________

9

(

)

—

 

 

__________________________

 

 

 

Name

 

 

 

Daytime phone number

 

 

8

____________________________________________________

10

 

 

(

)

—

____________________________________________________

 

Home or mailing address

 

 

 

Name of seller’s or transferor’s attorney

Daytime phone number

 

____________________________________________________

11

____________________________________________________

 

City

State

ZIP

 

Address of attorney

 

 

Part 3: Identify the purchaser or transferee

12

____________________________________________________

14

____________________________________________________

 

Name

 

 

 

Purchaser’s or transferree’s IBT no. and FEIN

(

)

—

 

 

 

 

 

 

13

____________________________________________________

15

____________________________________________________

 

Home or mailing address

 

 

 

Name of purchaser’s or transferee’s attorney

 

Daytime phone number

 

____________________________________________________

16

____________________________________________________

 

City

State

ZIP

 

Address of attorney

 

 

 

Part 4: Describe the terms of sale or transfer

17Date business was or will be sold or transferred. ___/___/____

Month Day Year

18Selling price of the business or the value of the business assets transferred: $ ____________________

19Was the entire business sold or transferred? Yes

No - You must complete Line 20.

20Are the seller’s or transferee’s registration numbers with the

department to remain active? Yes

No - Write the date to be discontinued. ___/___/____

Month Day Year

21Terms of sale or transfer. Write “X” in the appropriate box, and provide additional information as requested.

 

Cash sale

 

 

Contract sale. Complete the following information:

•

Down payment amount:

$ ____________________

•

Monthly payment amount:

$ ____________________

•

Date last payment is due

___/___/____

Month Day Year

Conventional financing

Other (Specify.): ____________________________________

_________________________________________________

_________________________________________________

Part 5: Sign below. This must be completed by the person submitting this Form.

22

(

)

—

24 ____________________________________________________

Print or type your name

Daytime phone number

Signature

Date

23____________________________________________________

Mailing address of person

CBS-1 (R-4-09)

This form is authorized as outlined by the Illinois Income Tax Act [35 ILCS 5/902] and the Retailers’ Occupation Tax Act [35 ILCS 120/5j]. You are required to report all sales of businesses to the Illinois Department of Revenue. Disclosure of this information is REQUIRED. Failure to provide such information may result in the purchaser or transferee

becoming personally liable for the amount of tax owed by the seller. This form has been approved by the Forms Management Center.

IL-492-4224

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Home or mailing address City, Part Sign below This must be, and Cash sale Contract sale Complete of illinois department of revenue cbs 1 form

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