A bulk sales notification must be filed by either the seller/transferor or the buyer/transferee no less than 45 days prior to the sale or transfer of a) the business or activity that requires the person to file a return or remit a tax or be licensed by the city; or b) a major part of the assets of the business or activity that requires the person to file a return or remit a tax or be licensed by the city; or c) other than in the ordinary and usual course of business that requires the person to file a return or remit a tax or be licensed by the city, a major part of any one or more of the following assets: the stock of goods or inventory of the person, furniture or fixtures, machinery or equipment, or real property of the business. Within 30 days after the sale or transfer, the seller has to file and pay any tax due through the date of sale or transfer. The purchaser becomes jointly liable with the seller for any unpaid prior tax due if a bulk sales notice is not timely filed.
The completed Bulk Sales Notification Form, a copy of the sales contract, and all other pertinent documents should be submitted via e-mail to firstname.lastname@example.org. If a filer is being represented by a lawyer, a completed Power of Attorney Form must be included with this notice.
The information requested is required per section 3-4-140 of the Uniform Revenue Procedures Ordinance. Complete all information and attach a copy of the sales contract. Failure to file this form could result in the transferee/buyer being liable for liabilities of the transferor/seller. To be considered timely, all notices must be received by the Department of Finance at least forty-five (45) days before the closing of the sale. If that is not possible, the transferee/buyer should hold in escrow an amount sufficient to cover any potential liability owed by transferor/seller.
Note: If the transfer involves only real property, and the ownership of such real property does not require a Chicago business license or the filing of a Chicago business tax return on a periodic basis, do not file this form.
If there is a need to determine whether there are any liens on the property resulting from judgments, call 312.742.0298 and leave a message identifying the case number of the civil action.
All inquiries regarding the filing of a Bulk Sales Notice should be sent to email@example.com.