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Sale of a Business Package - Hawaii 2025

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The document is a Specialty Forms Package from U.S. Legal Forms, Inc. designed for the sale of a business in Hawaii. It includes essential legal forms such as agreements for sale, asset purchase agreements, and bills of sale, along with descriptions and tips for completing these forms. The package aims to assist buyers and sellers in navigating legal issues during the business sale process while providing a disclaimer regarding the use of the forms.

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Begin with the 'Agreement for Sale of Business - Sole Proprietorship'. Fill in the seller's and buyer's details, including names and addresses, as well as the agreed sale price and terms.
Next, complete the 'Asset Purchase Agreement' by listing all assets being sold. Ensure that 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, ensuring you have landlord approval for lease transfer.
Use the 'Retained Employees Agreement' to list employees who will be retained post-sale along with their benefits.
Finalize with the 'Non-Competition Covenant by Seller', ensuring it outlines restrictions on business activities after 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 is the difference between G 45 and G 49 in Hawaii?

The G-45 is the periodic form which is filed either monthly, quarterly, or semiannually. The G-49 is the annual or so called reconciliation form which is filed annually.

Does Hawaii tax long-term capital gains?

Hawaii Capital Gains Tax In Hawaii, the taxes you pay on long-term capital gains top out at 7.25%. Long-term capital gains are gains that are realized from the sale of investment you held for at least one year. Short-term capital gains are taxed at the full income tax rates listed above.

What is not included in an asset sale?

An asset sale might not include all of the targets assets and potential liabilities. The buyer could acquire everything that the target owns, or it could acquire just one division, business line, or strategic asset. In particular, the target often retains some or all of its long-term debt obligations.

What constitutes the sale of a business?

The sale of a business usually is not a sale of one asset. Instead, all the assets of the business are sold.

What assets are included in the sale of a business?

A business usually has many assets. When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade. The gain or loss on each asset is figured separately.

small businesses for sale in hawaii

Hawaii General Excise Tax Exemptions and Deductions PDF Who is exempt from get in hawaii Is Hawaii sales tax exempt Does hawaii have 4.712% sales tax Hawaii nonprofit sales tax exemption Form G-17 Hawaii Hawaii sales tax refund tourist Hawaii GET rate

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What is the bulk sales law in Hawaii?

The Bulk Sales Law imposes liability on buyers for a sellers sales tax debt. What this means is that if a buyer does not obtain a release from the Department of Taxation and Finance, they may be liable for the sellers unpaid sales tax (GET).

What are the assets of a business sale?

In an asset sale, you transfer a collection of the assets your business owns to a buyer. Some of the assets are tangible, like your building if you own it or your lease if you dont and your inventory. Others are intangible, like your customer list and the value of your brand.

How to offset capital gains from sale of business?

11 Ways to Offset Capital Gains When Selling Your Business Hold Assets for Over a Year. Offset Gains with Losses. Structure the Sale as an Installment Sale. Leverage the Qualified Small Business Stock (QSBS) Exemption. Take Advantage of a 1031 Exchange. Invest in a Qualified Opportunity Zone.

Sale of a Business Package - Hawaii 2025

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How to use or fill out Sale of a Business Package - Hawaii

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Got questions?

What is the difference between G 45 and G 49 in Hawaii?

Does Hawaii tax long-term capital gains?

What is not included in an asset sale?

What constitutes the sale of a business?

What assets are included in the sale of a business?

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What is the bulk sales law in Hawaii?

What are the assets of a business sale?

How to offset capital gains from sale of business?

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