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What form must I file if I sell or purchase a business?

You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets, 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,
  • the furniture or fixtures,
  • the machinery and equipment, or
  • the real property of your business.

Form CBS-1 must be received no later than 10 days prior to the sale date or it will not be processed. The purchaser or transferee may be held liable for any debt incurred by the seller to IDOR up to the amount of the reasonable value of the property acquired by the purchaser or transferee. Attach a copy of the sales contract and financing agreement to the Form CBS-1.

Note: If you have an email address linked to your web browser, you should submit Form CBS-1 by using the “Submit” button at the bottom of the form on our website. If you do not have an email account linked to your web browser, save the form and send it as an email attachment to Rev.BulkSales@Illinois.gov. For additional information, call 217 782-9904 or write to us at.

ILLINOIS DEPARTMENT OF REVENUE
BULK SALES UNIT
PO BOX 19035
SPRINGFIELD IL 62794-9035                                                                                                                        

Fax: 217-785-2635

If you have additional inquiries, you may submit them on the Questions, Comments, or Requests form.