In
Connecticut, someone buying the assets of another company may become liable for
any delinquent sales tax owed by the selling company. Under Connecticut’s
Successor Liability Statute, if you are buying all or substantially all of a
business or stock of goods in a business, you will also inherit all of the
company’s sales tax liability. However, a buyer may avoid this liability
by holding some of the purchase price in escrow until the seller produces a
sales tax clearance letter.
Find
out more about Connecticut’s Successor Liability Statute and the sales tax
clearance letter on our website.
