What is the responsibility of the purchaser/transferee/assignee in a bulk sale transaction?
The law says that the purchaser/transferee/assignee (hereinafter in these FAQ’s referred to as “purchaser”) must “at least 10 days before taking possession of the subject of the sale, transfer or assignment, or paying therefore, notify the director by registered mail, or other such method as the director may prescribe, of the proposed sale and of the price, terms and conditions thereof whether or not the seller, transferor or assignor (hereinafter in these FAQ’s referred to as “seller”) has represented to, or informed the purchaser, transferee or assignee that the seller, transferrer or assignor owes any State tax and whether or not the purchaser, transferee, or assignee has knowledge that such taxes are owing, and whether any such taxes are in fact owing.” The notice is to be provided on form C-9600 which, along with instructions, can be found on the Taxation website.
