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Sale of a Business Package - Delaware

Sale of a Business Package - Delaware 2025

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The document is a guide from U.S. Legal Forms, Inc. detailing a 'Sale of a Business Package' specifically for Delaware. It includes essential legal forms necessary for individuals or corporations involved in selling a business, such as agreements, bills of sale, and covenants. The package aims to assist users in navigating legal issues during the sale process while providing tips for completing the forms and a disclaimer regarding the use of the materials.

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Click ‘Get Form’ to open the Sale of a Business Package in our editor.
Begin with the 'Agreement for Sale of Business - Sole Proprietorship'. Fill in the seller's and buyer's details, including names and addresses, along with the agreed sale price.
Next, complete the 'Asset Purchase Agreement' by listing all assets being sold. Ensure each item is clearly described to avoid any confusion.
Proceed to the 'Bill of Sale for Personal Assets'. Here, specify any personal items included in the sale, ensuring they are free from claims.
Fill out the 'Promissory Note' if financing is involved. Clearly state repayment terms and interest rates.
Complete the 'Landlord’s Consent to Assignment of Lease' if applicable. This ensures that lease agreements are transferred smoothly.
Finalize with the 'Non-Competition Covenant by Seller', which prevents the seller from competing against the business post-sale.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What items are exempt from sales tax in Delaware?

Services: Services rendered in Delaware are typically not subject to sales tax. This includes consulting, IT services, marketing services, and similar offerings. Goods: Tangible personal property sold in Delaware is generally exempt from sales tax.

What is a loophole to avoid taxes?

In a way the Delaware Tax Trap is like the income tax grantor trust rules of Code Section 671, et. seq., when a creator of a trust may remain taxed on its income even though she cannot benefit from it.

What is the Delaware business tax loophole?

The eponymous Delaware loophole doesnt tax revenue earned outside the state, and revenues derived from exploiting intangible assets (like leases and royalties) are treated as if they occurred in Delaware (where the company is incorporated) rather than the state in which those revenues were earned.

Is there capital gains tax in Delaware?

Delaware Capital Gains Tax Most capital gains in Delaware are taxable at the full personal income tax rates listed above. This applies to both long- and short-term capital gains. However, gains realized from real estate sales in Delaware by those who live in another state are taxed at a rate of 6.60%.

What is the GRT rate in Delaware?

Introduction to Delaware Business Taxes This tax is levied on the seller of goods or services and is calculated based on the total revenue generated by the business. Delawares gross receipts tax rates range from 0.0945% to 1.9914%, depending on the type of business activity.

What is the Delaware corporate tax loophole?

The infamous Delaware Loophole allows companies to avoid paying any corporate income tax where they earn the revenue, provided they are operating outside of the state.

What are the disadvantages of forming an LLC in Delaware?

Summary. Tax loopholes can legally reduce an individuals or a businesss tax liability. Backdoor IRAs, carried interest, and life insurance are just some of the loopholes you can use to reduce your tax bills.

Sale of a Business Package - Delaware 2025

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