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.

Special Note: Always use the most current version of Form CBS-1 on our website. Using older versions of Form CBS-1 will result in additional correspondence from IDOR and potential processing delays.

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