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Sale of a Business Package - Arkansas

Sale of a Business Package - Arkansas 2026

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The document is a legal forms package from U.S. Legal Forms, Inc. designed for the sale of a business in Arkansas. It includes essential legal forms such as agreements for sale, asset purchase agreements, bills of sale, and other related documents to assist buyers and sellers in navigating legal issues during the transaction. The package also provides tips for completing the forms and includes a disclaimer regarding the use of these materials.

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Click ‘Get Form’ to open it in the editor.
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.
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 the loan amount, interest rate, and repayment terms.
Complete the 'Landlord’s Consent to Assignment of Lease' if applicable. This ensures that lease agreements are transferred smoothly.
Use the 'Retained Employees Agreement' to list employees who will remain post-sale and outline their benefits.
Incorporate a 'Non-Competition Covenant by Seller' to protect your business interests after the sale.
Finally, prepare a 'Profit and Loss Statement' to provide financial transparency during negotiations.

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How to avoid sales tax in Arkansas?

Specific customers are exempt from paying sales tax under Arkansas law. Examples include government agencies, some nonprofit organizations, and merchants purchasing items for resale. To validate these exempt transactions, sellers must collect valid exemption certificates from buyers.

What is the sales tax in Arkansas for a business?

The state Use Tax rate is the same as the Sales Tax rate, 6.500%. In addition, you are required to remit the city and/or county tax where the items are first delivered in Arkansas.

What items are exempt from sales tax in Arkansas?

Some goods are exempt from sales tax under Arkansas law. Examples include prescription drugs, purchases made with food stamps, and some farming equipment.

What items are taxable in Arkansas?

Examples of items subject to Use Tax include records, CDs, books, furniture, jewelry, clothing, food, hunting and fishing gear, etc. These are only a few examples; all tangible personal property purchased out of state is subject to the Use Tax.

What items will not be taxed?

Non-taxable grocery items include: Dairy products (milk, cheese, yogurt) Fresh and frozen vegetables. Meats, poultry, and fish. Fresh fruits. Eggs. Cereal grains. Coffee beans and tea leaves (not ready-made drinks) Baking ingredients like flour and sugar.

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What items qualify for sales tax deduction?

You can deduct the actual sales taxes you paid if the tax rate was no different than the general sales tax rate in your area. (Exceptions are made for food, clothing and medical supplies actual sales tax on these items is deductible even if you paid less than the general tax rate.)

Are cell phones included in the Arkansas tax free weekend?

Items such as costumes, wedding apparel, diapers, and household products are eligible, along with big electronic items like cell phones and tablets, which have no cost limit. However, certain items do have price caps, such as $100 per clothing item and $50 per cosmetic product.

Does your business purchase items outside Arkansas that require you to pay compensating Use Tax?

If a business purchases items from outside of Arkansas for use, storage, distribution, or consumption within State boundaries and the Arkansas use tax is not collected by the seller, the business must register under the Compensating Use Tax Law and remit the use tax directly to the State.

Sale of a Business Package - Arkansas 2026

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