US-Merger & Acquisitions: Tax Clearance Certificate

Kurze Zusammenfassung in Englisch, da unter Bezugnahme auf Business Law Today, ABA, Section of Business Law 2008 Nov./Dec.2008.

A company that purchases the assets of another company does not expect to acquire the existing tax or creditor obligations of its seller. In fact, the asset purchase transaction is designed to avoid the transfer of obligations that is a recognized feature in a purchase of company stock. State governments, however, have developed laws designed to assess derivative liability on purchasers of business assets where the seller is delinquent in certain state taxes at the time of the sale.

Any purchaser of all or substantially all of a business or stock of goods of a business is liable for the seller’s tax liability. The purchaser is required to withhold and remit to the state a sufficient amount of the purchase money to pay the seller’s tax liability upon the purchase. The purchaser is relieved of such liability by receiving from the seller a receipt from the director of the department of revenue showing that the taxes have been paid ...

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