In the bustling city of Chicago, businesses undergoing significant transitions, such as sales or transfers, must adhere to certain protocols to ensure compliance with local tax laws. Among these essential steps is the completion of the Il Bulk Sales form, a comprehensive document facilitated by the Chicago Department of Finance Tax Division. This critical form serves not only as a notification mechanism but also as a detailed record of the impending transaction. It encompasses extensive details about the business in question, including its name, address, contact information, years of operation, and the exact nature of its activities. Additionally, it outlines the property being sold, the agreed-upon sales price, specifics about the escrow amount for settling city taxes, and information on both the transferor/seller and transferee/buyer. Crucially, this form also requires details about the taxes the business is registered for, reflecting the city’s commitment to maintaining tax compliance and integrity in business transactions. Supporting the smooth transition of assets and responsibilities, the Il Bulk Sales form is a pivotal tool in safeguarding both the city’s interests and those of the businesses operating within its jurisdiction.
| Question | Answer |
|---|---|
| Form Name | Il Bulk Sales Form |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | illinois department of revenue bulk sales, illinois bulk sales requirements, il bulk sales, illinois bulk sales form |
CHICAGO DEPARTMENT OF FINANCE TAX DIVISION
BULK SALES UNIT
DEPAUL CENTER, SUITE 300
333 S. STATE ST., CHICAGO, ILLINOIS
BULK SALES NOTIFICATION
Date of Notice:__________________________ Date of Intended Sale:___________________________
I.Identify the Business being sold:
Business Name:_________________________ D/B/A:_____________________________________
BusinessAddress:___________________________________________________________________
City:________________________________ State:_________ Zip Code:______________________
Business Phone:___________________________ Business Fax:_____________________________
Federal ID # (FEIN):_______________________ IL IBT #:_____________________________
City IRIS # / City Account # :_________________________________________________________
Business Structure (e.g., sole proprietor, partnership, corporation):____________________________
Business Activity:___________________________________________________________________
Number of Years at Site:_______ Last Date of Operation (if Applicable):_______________________
Taxes Currently Registered For (attach a schedule, if necessary):
Tax Code:___________________________ Start Date:_____________________________________
Tax Code:___________________________ Start Date:_____________________________________
II.Identify the Property being sold:
Description of Property Being Sold (attach a schedule, if necessary):
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
Property Index Number (PIN) for Real Estate Being Sold (if real estate is part of Business with City license): __________________________________
Medallion Number(s) (if applicable):___________________________________________________
III.Sales Price (attach copy of agreement):
Purchase Price: $___________________________________________________________________
Price attributed to Real Estate (if real estate part of Business with City license): $________________
Amount Escrowed for City of Chicago taxes, interest, penalties, nontax debts and other debts owed by the seller/transferor to the City of Chicago: $_________________________________________
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IV. Transferor/Seller Information:
Business Name:_________________________ D/B/A:_____________________________________
BusinessAddress:___________________________________________________________________
City:________________________________ State:_________ Zip Code:_______________________
Business Phone:___________________________ Business Fax:_____________________________
Email Address:_____________________________________________________________________
Federal ID # (FEIN/SSN):_______________________ IL IBT #:_____________________________
City IRIS # / City Account # :_________________________________________________________
Business Structure (e.g., sole proprietor, partnership, corporation):____________________________
Business Activity:___________________________________________________________________
Driver’s License # (if sole proprietor):___________________________________________________
Attorney’s Name:___________________________________________________________________
Attorney’s Signature:________________________________________________________________
V.Transferee/Buyer Information:
Business Name:_________________________ D/B/A:_____________________________________
BusinessAddress:___________________________________________________________________
City:________________________________ State:_________ Zip Code:_______________________
Business Phone:___________________________ Business Fax:_____________________________
Email Address:_____________________________________________________________________
Federal ID # (FEIN/SSN):_______________________ IL IBT #:_____________________________
City IRIS # / City Account # :_________________________________________________________
Business Structure (e.g., sole proprietor, partnership, corporation):____________________________
Business Activity:___________________________________________________________________
Driver’s License # (if sole proprietor):___________________________________________________
Taxes Currently Registered For (attach a schedule, if necessary):
Tax Code:___________________________ Start Date:_____________________________________
Tax Code:___________________________ Start Date:_____________________________________
Attorney’s Name:___________________________________________________________________
Attorney’s Signature:________________________________________________________________
_______________________________________
Print Name of Filer
_______________________________________
Signature of Filer
_______________________________________
Person Representing Filer
Note: The Illinois Department of Revenue may also require the filing of a Bulk Sales Notice. Call (312) 814- 3063 or Fax (312)
____________________________________________________________________________________________
For Office Use Only:
Date Received: _________________________45 Days Allowance: YES ________ NO __________
______________________________________________________________________________________________
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