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CHICAGO DEPARTMENT OF FINANCE TAX DIVISION BULK SALES UNIT DEPAUL CENTER SUITE 300 333 S* STATE ST. 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 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 o ...

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What is the meaning of bulk sale?

A bulk sale means the sale, transfer, or assignment of business assets outside of the ordinary course of business by a person or entity. Business assets include, among others, tangible personal property, real property, and intangible assets (e.g., intellectual property rights or goodwill).

What does it mean to sell as bulk?

A bulk sale, sometimes called a bulk transfer, is when a business sells all or nearly all of its inventory to a single buyer and such a sale is not part of the ordinary course of business.

What are the rules for a bulk transfer?

The bulk transfer law is designed to prevent a merchant from defrauding his or her creditors by selling the assets of a business and neglecting to pay any amounts owed the creditors. The law requires notice so that creditors may take whatever legal steps are necessary to protect their interests.

What is the bulk sales statute in Hawaii?

(a) In any case of the sale or transfer in bulk of the whole, or a large part of a stock of merchandise and fixtures, or merchandise, or fixtures, or other assets or property of a business, otherwise than in the ordinary course of trade, business, commerce, or sales, the seller shall make a written and verified report

What is CBS 1 in Illinois?

You (or the purchaser or the transferee) must complete Form CBS-1 if, outside your usual course of business, you sell or transfer the major part of the stock of goods that you are in the business of selling, furniture or fixtures, machinery and equipment, or real property of your business.

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