When a business undergoes significant transitions such as the sale, purchase, or transfer of its substantial assets outside its usual operational transactions, the Illinois Department of Revenue necessitates the completion of the CBS-1 form, also known as the Notice of Sale, Purchase, or Transfer of Business Assets. This mandatory procedure aims to streamline the reporting of substantial changes involving stock of goods, furniture, fixtures, machinery, equipment, or real property within a business framework. The timely submission of this form, within ten days of the transaction, is crucial for the processing of the documents. Failure to comply may not only delay the transaction but can also hold the purchaser or transferee accountable for any existing debts associated with the business assets in question. Additionally, the form functions as a safeguard for both parties involved, ensuring the transparency of the transaction's terms and any existing or potential financial obligations. The CBS-1 form facilitates the documentation process through its structured format, requesting details about the transaction, the entities involved, and the specifics of the asset transfer, thereby promoting both legal compliance and financial clarity.
| Question | Answer |
|---|---|
| Form Name | Form Cbs 1 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | CBS 1 notice of sale purchase form |
Illinois Department of Revenue
General information
You (or the purchaser or the transferee) must complete Form
•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
Mail your completed Form
BULK SALES UNIT
ILLINOIS DEPARTMENT OF REVENUE 100 WEST RANDOLPH LEVEL
You may fax your form and sales contract to us at 312
Part 1: Identify the business being sold or transferred and the identification numbers
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Business name |
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Illinois business tax number (IBT no.) or account identification number |
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____________________________________________________ |
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Street address |
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Federal employer identification number (FEIN) |
Seq. number |
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____________________________________________________ |
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___ ___ |
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Street address (if needed) |
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Social Security number |
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____________________________________________________ |
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Are you required to pay any excise taxes? |
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No |
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State |
ZIP |
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Excise tax number ________________________________________ |
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Part 2: Identify the seller or transferor
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____________________________________________________ |
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__________________________ |
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Name |
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Daytime phone number |
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____________________________________________________ |
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____________________________________________________ |
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Home or mailing address |
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Name of seller’s or transferor’s attorney |
Daytime phone number |
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____________________________________________________ |
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____________________________________________________ |
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City |
State |
ZIP |
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Address of attorney |
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Part 3: Identify the purchaser or transferee
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____________________________________________________ |
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____________________________________________________ |
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Name |
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Purchaser’s or transferree’s IBT no. and FEIN |
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____________________________________________________ |
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____________________________________________________ |
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Home or mailing address |
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Name of purchaser’s or transferee’s attorney |
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Daytime phone number |
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____________________________________________________ |
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____________________________________________________ |
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City |
State |
ZIP |
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Address of attorney |
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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.
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Cash sale |
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Contract sale. Complete the following information: |
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Down payment amount: |
$ ____________________ |
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Monthly payment amount: |
$ ____________________ |
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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.
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24 ____________________________________________________ |
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Print or type your name |
Daytime phone number |
Signature |
Date |
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23____________________________________________________
Mailing address of person
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. |