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LSDefine

Simple English definitions for legal terms

bulk sales law

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A quick definition of bulk sales law:

Bulk sales laws are rules that apply when someone wants to sell a lot of things all at once. These rules help make sure that the buyer is not responsible for any unpaid taxes or debts that the seller might have. Some states still have these rules, but most use a different set of rules called the Uniform Commercial Code. If you want to sell a lot of things at once, you might need to follow these rules to make sure everything goes smoothly.

A more thorough explanation:

Bulk sales laws are rules that apply to the sale of a large amount of goods or assets by a business. These laws may have special procedures that buyers and sellers must follow during the transaction. The purpose of these laws is to protect buyers from being held responsible for any unpaid debts or taxes owed by the seller.

For example, in the State of New York, if a business is selling a large amount of inventory or assets, they must give all potential buyers a notice called Form TP-153. The buyer must also notify the Tax Department of the sale by filing Form AU-196.10. This helps ensure that the buyer will not be held responsible for any unpaid taxes or debts owed by the seller.

Although bulk sales laws have been replaced by the Uniform Commercial Code in most states, some states still have notification requirements in place. It is important for buyers and sellers to be aware of these laws and follow them to avoid any legal issues.

bulk sale | bulk transfer

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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